Homework chap 5 Name Bill's Music sells CDs. They have the following transactions for May. 5/1 Purchase 800CDs on account (2/10 n30 FOB Shipping) at $3 each and put into inventory 5/2 Freight on the 5/1 purchase was $30 Pay in cash Sell 50 CDs for $700 - on account. CDs sold cost $150 Terms are 1/10n30 5/7 Return 50 of the CDs purchased on 5/1 - defective ( $3 each) $150 5/8 Pay for the CDs (not the freight) purchased on 5/1 - net of returns/discount 5/9 Receive Payment for sale on 5/5 P/29 Pay salaries of $500 5/30 Buy 80 more CDs at $4 each - cash 5/31 Sell 30 CDs for $500 - all cash. CDs sold cost $320 What is the ending balance of the Inventory Account Use the space below to make all entries for the month