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Problem $6-9$B $($Algo$)$ Record transactions and prepare a partial income statement using a periodic inventory system $($LO$6-8)$

At the beginning of June, Circuit Country has a balance in inventory of $$2,400.$ The following transactions occur during the month of June.

June $2$ Purchase radios on account from Radio World for $$2,100,$ terms $\frac{1}{15},\frac{n}{45}.$

June $-4$ Pay cash for freight charges related to the June $2$ purchase from Radio World, $$280.$

June $8$ Return defective radios to Radio World and receive credit, $$200.$

June $10$ Pay Radio World in full.

June $11$ Sell radios to customers on account, $$3,800,$ that had a cost of $$2,600.$

June $18$ Receive payment on account from customers, $$2,800.$

June $20$ Purchase radios on account from Sound Unlimited for $$3,200,$ terms $\frac{3}{10},\frac{n}{30}.$

June $23$ Sell radios to customers for cash, $$4,700,$ that had a cost of $$3,000.$

June $26$ Return damaged radios to Sound Unlimited and receive credit of $$400.$

June $28$ Pay Sound Unlimited in full.

Required:

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

Record the month$-$end adjusting entry to inventory, assuming that a final count reveals ending inventory with a cost of $$1,677.$

Prepare the top section of the multiple$-$step income statement through gross profit for the month of June.

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