80.2K

Verified Solution

Link Copied!

At the beginning of June, Circuit Country has a balance in Inventory of $2,550. The following transactions occur during the month of June. June 2. Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. June Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full June 11 Sell radios to customers on account, $4, 100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terme 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $1,566. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Date June 30 1 Inventory (ending) Cost of Goods Sold Purchase Returns Purchase Discounts Purchases Freight-in Inventory (beginning)

Answer & Explanation Solved by verified expert

See Answer