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below) At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July July
below) At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July July 3 Purchase CDs on account from Wholesale Music for $2,200, terns 1/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120. JulyReturn incorrectly ordered cos to Wholesale Music and receive credit, $200. July 11 Pay Wholesale Music in full July 12 Sell cos to customers on account, 55,600, that had a cost of $2,900. July 15 Receive full payment from customers related to the sale on July 12. July 15 Purchase CDs on account from Music Supply for $3,000, terms 1/10, n/30. July 22-Sell CDs to customers for cash, 54,100, that had a cost of $2,400. July 28 Return CDs to Music Supply and receive credit of $280, July 30 Pay Music Supply in full. Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no entry is required for a transaction/event. select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record purchase of CDs on account from Wholesale Music for $2,200, terms 1/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit July 03 Record entry Clear entry View peneral journal View general journal
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