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If you could show what math is done to get the answers that would be very helpful, Thanks! At the beginning of July, CD City
If you could show what math is done to get the answers that would be very helpful, Thanks!
At the beginning of July, CD City has a balance in inventory of $2,400. The following transactions occur during the month of July July 3 July 4 July 9 July 11 July 12 July 15 July 18 July 22 July 28 July 30 Purchase CDs on account from Wholesale Music for $1,300, terms 1/10, n/30 Pay freight charges related to the July 3 purchase from Wholesale Music, $120 Return incorrectly ordered CDs to Wholesale Music and receive credit, $200 Pay Wholesale Music in full. Sell CDs to customers on account, $3,800, that had a cost of $2,000 Receive full payment from customers related to the sale on July 12. Purchase CDs on account from Music Supply for $2,100, terms 1/10, n/30 Sell CDs to customers for cash, $3,200, that had a cost of $1,500 Return CDs to Music Supply and receive credit of $100 Pay Music Supply in full
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