Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
Answer:
Circuit Country
a. Journal Entries:
June 2: Debit Inventory $1,750
Credit Accounts payable (Radio World) $1,750
To record the purchase of goods, terms 2/15, n/45.
June 4: Debit Freight-in $210
Credit Cash $210
To record the payment for freight.
June 8: Debit Accounts payable (Radio World) $200
Credit Inventory $200
To record the return of goods.
June 10: Debit Accounts payable (Radio World) $1,550
Credit Cash $1,519
Credit Cash Discounts $31
To record payment on account, including discounts.
June 11: Debit Accounts receivable $3,100
Credit Sales Revenue $3,100
To record the sale of goods on account.
June 11: Debit Cost of goods sold $2,250
Credit Inventory $2,250
To record the cost of goods sold.
June 18: Debit Cash $2,100
Credit Accounts receivable $2,100
To record cash received on account.
June 20: Debit Inventory $2,850
Credit Accounts payable (Sound Unlimited) $2,850
To record the purchase of goods on credit, terms 2/10, n/30.
June 23: Debit Cash $4,350
Credit Sales Revenue $4,350
To record the sale of goods for cash.
June 23: Debit Cost of goods sold $2,650
Credit Inventory $2,650
To record the cost of goods sold.
June 26: Debit Accounts payable(Sound Unlimited) $500
Credit Inventory $500
To record the return of goods.
June 28: Debit Accounts payable(Sound Unlimited) $2,350
Credit Cash $2,303
Credit Cash Discounts $47
To record payment on account, including discounts.
b. Income Statement for the month ended June 30:
Sales Revenue $7,450
Cost of goods sold 5,032
Gross profit $2,418
Explanation:
a) Data and Analysis:
June 1: Beginning inventory $2,050
June 2: Inventory $1,750 Accounts payable (Radio World) $1,750, terms 2/15, n/45.
June 4: Freight-in $210 Cash $210
June 8: Accounts payable (Radio World) $200 Inventory $200
June 10: Accounts payable (Radio World) $1,550 Cash $1,519 Cash Discounts $31
June 11: Accounts receivable $3,100 Sales Revenue $3,100
June 11: Cost of goods sold $2,250 Inventory $2,250
June 18: Cash $2,100 Accounts receivable $2,100
June 20: Inventory $2,850 Accounts payable (Sound Unlimited) $2,850 terms 2/10, n/30.
June 23: Cash $4,350 Sales Revenue $4,350
June 23: Cost of goods sold $2,650 Inventory $2,650
June 26: Accounts payable(Sound Unlimited) $500 Inventory $500
June 28: Accounts payable(Sound Unlimited) $2,350 Cash $2,303 Cash Discounts $47
Cash
Date Account Titles Debit Credit
June 4: Freight-in $210
June 10: Accounts payable (Radio World) 1,519
June 18: Accounts receivable $2,100
June 23: Sales Revenue 4,350
June 28: Accounts payable(Sound Unlimited) 2,303
Accounts Receivable
Date Account Titles Debit Credit
June 11: Sales Revenue $3,100
June 18: Cash $2,100
Inventory
Date Account Titles Debit Credit
June 1 Beginning balance $2,050
June 2 Accounts payable
(Radio World) 1,750
June 8: Accounts payable (Radio World) $200
June 11: Cost of goods sold 2,250
June 20: Accounts payable
(Sound Unlimited) 2,850
June 23: Cost of goods sold 2,650
June 26: Accounts payable
(Sound Unlimited) 500
Accounts Payable
Date Account Titles Debit Credit
June 2: Inventory $1,750
June 8: Inventory $200
June 10: Cash 1,519
Cash Discounts 31
June 20: Inventory 2,850
June 26: Inventory 500
June 28: Cash 2,303
Cash Discounts 47
Sales
Date Account Titles Debit Credit
June 11: Accounts receivable $3,100
June 23: Cash 4,350
June 30: Income Summary $7,450
Cost of Goods Sold
Date Account Titles Debit Credit
June 4: Freight-in $210
June 10: Cash discounts $31
June 11: Inventory 2,250
June 23: Inventory 2,650
June 28: Cash discounts 47
June 30: Income Summary $5,032
Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.
