Business, 19.03.2020 09:22 OceanClaws

At the beginning of June, Chow Company has a balance in the inventory of $2,100. The following transactions occur during the month of June.

June 2 Purchase radios on account from Air One for $2,400, terms 3/15, n/45.
June 4 Pay freight charges related to the June 2 purchase from Air One, $400.
June 8 Return defective radios to Air One and receive credit, $600.
June 10 Pay Air One in full. June 11 Sell radios to customers on account, $5,000, that had a cost of $3,300.
June 18 Receive payment on account from customers, $3,100.
June 20 Purchase radios on account from Motion Unlimited for $3,300, terms 3/10, n/30.
June 23 Sell radios to customers for cash, $4,800, that had a cost of $3,200.
June 26 Return damaged radios to Motion Unlimited and receive credit of $300.
June 28 Pay Motion Unlimited in full.

Required:
1. Assuming that Chow Company uses a perpetual inventory system, record the transactions.
2. Prepare the top section of the multiple-step income statement through gross profit for the month of June.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:30

Which of the following pairs is most similar to each other? a. barter goods and fiat money b. digital money and barter goods c. fiat money and digital money d. commodity money and digital money

Answers: 1

Answer

Business, 21.06.2019 21:00

The market for corn in country a is highly competitive. at the current market price of $5/bushel there is a shortage of 100,000 bushels of corn in this country. media reports claim that the price of corn will rise drastically in the near future. according to these reports, the neighboring country b had witnessed a similar situation recently. at the same price, the shortage in country b was also 100,000 bushels and eventually the equilibrium price in b went up to $10/bushel. both countries are known to have equal number of corn producers and the market supply of corn is identical at all prices. this, combined with the fact that consumers in the two countries also have similar tastes and preferences, led the media to conclude that the price of corn in country a would soon be as high as $10/bushel. the new equilibrium price turns out to be below $10/bushel, what inferences can be drawn?

Answers: 3

Answer

Business, 22.06.2019 01:20

What cylinder head operation is the technician performing in this figure?

Answers: 1

Answer

Business, 22.06.2019 13:30

Tom has brought $150,000 from his pension to a new job where his employer will match 401(k) contributions dollar for dollar. each year he contributes $3,000. after seven years, how much money would tom have in his 401(k)?

Answers: 3

Answer

You know the right answer?

At the beginning of June, Chow Company has a balance in the inventory of $2,100. The following trans...

Questions