At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following...

At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June.

June	2	Purchase radios on account from Radio World for $2,350, terms 2/15, n/45.
June	4	Pay cash for freight charges related to the June 2 purchase from Radio World, $330.
June	8	Return defective radios to Radio World and receive credit, $300.
June	10	Pay Radio World in full.
June	11	Sell radios to customers on account, $4,300, that had a cost of $2,850.
June	18	Receive payment on account from customers, $3,300.
June	20	Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30.
June	23	Sell radios to customers for cash, $4,950, that had a cost of $3,250.
June	26	Return damaged radios to Sound Unlimited and receive credit of $400.
June	28	Pay Sound Unlimited in full.

1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions.

Solutions

Expert Solution

company paid his due within 10 days to sound unliymited so company get 2% discount...

ekkarill92 answered 1 year ago

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