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Please show and explain the work for inserting the correct debits and credits. I need to type what accounts are needed and there neccesary debit/credit.
Please show and explain the work for inserting the correct debits and credits. I need to type what accounts are needed and there neccesary debit/credit.
Required information [The following information applies to the questions displayed below. At the beginning of July, CD City has a balance in inventory of $3,050. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,950, terms 2/10, n/30 July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $100 July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $200. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $5,100, that had a cost of $2,650 July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,750, terms 2/10, n/30 July 22 sell CDs to customers for cash, $3,850, that had a cost of $2,150 July 28 Return CDs to Music Supply and receive credit of $230 July 30 Pay Music Supply in full Journal entry worksheet 1 Record period-end adjustment. Note: Enter debits before credits. Date General Journal Credit Debit July 31 Clear entry View general journal Record entryStep by Step Solution
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