D Required information The following information applies to the questions displayed below) 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 Purchase cosa account from wholesale Music for 52,150, teres 2/10, 1/30 July 4 ay cash for freight charges related to the July } purchase from Wholesale Hasle, $110. July 9 Return torectly ordered cos to Wholesale Music and receive credit, 5100 July 11 Pay Wholesale Music in full July 3 +11 cs to custo account, $5,500, that had a cost of $2.650. July 15 Mecito went from customer's related to the sale on July 12. July 16 Marchas con contro Music Supply for $2,950, terns 2/10, 1/30 Duly 22 sell cost stor for cash, 11.050, that had a cost of $2,350, July 20 Return to supply and receive credit of $270. July Pay Must Seppily in fol. 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 $2,150, terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit July 03 Record entry Clear entry View general journal Journal entry worksheet Record payment of cash for freight charges related to the July 3 purchase from Wholesale Music, $110. Note: Enter debits before credits Date General Journal Debit Credit July 04 Record entry Clear entry View general journal Journal entry worksheet K 1 2 3 4 5 6 7 8 ER 12 > Record return of incorrectly ordered CDs to Wholesale Music and receive credit, $300. Note: Enter debits before credits, General Journal Date July 09 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet K Record payment to Wholesale Music in full. Note: Enter debits before credits. Date General Journal Debit Credit July 11 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 5 6 8 12 HO Sell CDs to customers on account, $5,500, that had a cost of $2,850. Record the sale of inventory on account. Note: Enter debits before credits. General Journal Debit Credit Date July 12 Record entry Clear entry View general journal Journal entry worksheet Sell CDs to customers on account, $5,500, that had a cost of $2,850. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit July 12 Record entry Clear entry View general journal Journal entry worksheet Record purchase of CDs on account from Music Supply for $2,950, terms 2/10, 1/30 Note: Enter debits before credits. Date General Journal Debit Credit July 18 Record entry Clear entry View general Journal Journal entry worksheet Sell CDs to customers for cash, $4,050, that had a cost of $2,350. Record the sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit July 22 Record entry Clear entry View general Journal Journal entry worksheet R. Sell CDs to customers for cash, $4,050, that had a cost of $2,350. Record the cost of inventory sold. Note: Enter debits before credits General Journal Debit Date July 22 Credit Record entry Clear entry View general Journal Journal entry worksheet Record return of CDs to Music Supply and receive credit of $270. Note: Enter debits before credits. General Journal Date July 28 Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record payment of MusicSupply in full. Note: Enter debits before credits General Journal Debit Credit Date July 30 Record entry Clear entry View general journal
