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Required information (The following information applies to the questions displayed below.) At the beginning of July, CD City has a balance in inventory of $3,350.
Required information (The following information applies to the questions displayed below.) At the beginning of July, CD City has a balance in inventory of $3,350. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,250, 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, $5,700, that had a cost of $2,950. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $3,050, terms 2/10, n/30. July 22 Sell CDs to customers for cash, $4,150, that had a cost of $2,450. July 28 Return CDs to Music Supply and receive credit of $290. July 30 Pay Music Supply in full. Journal entry worksheet Record purchase of CDs on account from Wholesale Music for $2,250, terms 2/10, n/30. Note: Enter debits before credits. General Journal Debit Credit Date July 03 Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 8 12 ) Record payment of cash for freight charges related to the July 3 purchase from Wholesale Music, $100. Note: Enter debits before credits. General Journal Debit Credit Date July 04 Record entry Clear entry View general journal Journal entry worksheet Record return of incorrectly ordered CDs to Wholesale Music and receive credit, $200. Note: Enter debits before credits. General Journal Debit Credit Date July 09 Record entry Clear entry View general journal Journal entry worksheet Sell CDs to customers on account, $5,700, that had a cost of $2,950. 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
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