balance in inventory of $2,700. The following transactions occur during the At the beginning of July, CD City has month of July. 3 Purchase CDs on account from Wholesale Music for $1,600, terms 1/10, n/30 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120. 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $400 July July July July 11 Pay Wholesale Music in full July 12 Sell CDs to customers on account, $4,400, that had a cost of $2,300 July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,400, terms 1/10, n/30 July 22 Sell CDs to customers for cash $3,500, that had a cost of $1,800. July 28 Return CDs to Musio Supply and receive credit of $160. July 30 Pay Music Supply in full. Required: 1. Assuming that CD City uses a periodic inventory system, record the transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Record purchase of CDs on account from Wholesale Music 1 for $1,600, terms 1/10, n/30. Record payment of cash for freight charges related to the 2 July 3 purchase from Wholesale Music, $120 Record return of incorrectly ordered CDs to Wholesale Music and receive credit, $400 3 Record payment to Wholesale Music in full 4 that had a Sell CDs to customers account, $4,400 cost of $2,300. Record the sale of inventory on account. Sell CDs to customers on account, $4,400, that had a cost of $2,300. Record the cost of inventory sold. Record receipt of full payment from customers related to 7 the sale on July 12. Record purchase of CDs onaccount from Music Supply for 8 $2,400, terms 1/10, n/30. Sell CDs to customers for cash, $3,500, that had a cost of $1,800. Record the sale of inventory for cash Sell CDs to customers for cash, $3,500, that had a cost 10 of $1,800. Record the cost of inventory sold 11 Record return of CDs to Music Supply and receive credit of $160 Record payment of Music Supply in full. 12