At the beginning of July, CD City has a balance in inventory of $2,600. The following transactions occur during the month of July.

CD CITY
Multiple-step Income Statement (partial)
For the month of July

July		3		Purchase CDs on account from Wholesale Music for $1,500, terms 1/10, n/30.
July		4		Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110.
July		9		Return incorrectly ordered CDs to Wholesale Music and receive credit, $200.
July		11		Pay Wholesale Music in full.
July		12		Sell CDs to customers on account, $4,200, that had a cost of $2,200.
July		15		Receive full payment from customers related to the sale on July 12.
July		18		Purchase CDs on account from Music Supply for $2,300, terms 1/10, n/30.
July		22		Sell CDs to customers for cash, $3,400, that had a cost of $1,700.
July		28		Return CDs to Music Supply and receive credit of $140.
July		30		Pay Music Supply in full.