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At the beginning of July, CD City has a balance in Inventory of $3,250. The following transactions occur during the month of July. July 3
At the beginning of July, CD City has a balance in Inventory of $3,250. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,150, terma 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110. July 9 Return incorrectly ordered ca to Wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 Seil cds to customers on account, $5,500, that had a cost of $2,650. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,950, terms 2/10, n/30. July 22 Sell cs to customers for cash, $4,050, that had a cost of $2,350. July 28 Return CDs to Music Supply and receive credit of $270. July 30 Day Music Supply in full. Required: 1. Assuming that CD City uses a perpetual Inventory record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 1 5 6 7 8 12 Record purchase of CDs on account from Wholesale Music for $2,150, terms 2/10, 1/30 Notes Enter debits before credit Goneral Journal Doble Credit Dato July 03
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