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Return to questic 8 ! Required information [The following information applies to the questions displayed below. Part 1 of 2 At the beginning of July, CD City has a balance in inventory of $3,150. The following transactions occur during the month of July. 1 points July 3 Purchase CDs on account from Wholesale Music for $2,050, terms 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120. 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, $5,300, that had a cost of $2,750. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,850, terms 2/10, n/30. July 22 Sell CDs to customers for cash, $3,950, that had a cost of $2,250. July 28 Return CDs to Music Supply and receive credit of $250. July 30 Pay Music Supply in full. Required: Record payment to Wholesale Music in full. Note: Enter debits before credits. Debit Credit Date July 11 General Journal Accounts Payable Cash 1,850 1,850 Journal entry worksheet Sell CDs to customers for cash, $3,950, that had a cost of $2,250. Record the sale of inventory for cash. Note: Enter debits before credits. Credit Date July 22 General Journal Accounts Receivable Sales Allowances Debit 3,950 3,950 Record entry Clear entry View general journal Inventory 200 4 July 11 1,850 Accounts Payable Cash 1,850 5 July 12 5,300 Accounts Receivable Sales Revenue 5,300 6 July 12 2,750 Cost of Goods Sold Inventory 2,750 7 July 15 5,300 Cash Accounts Receivable 5,300 8 July 18 2,850 Inventory Accounts Payable 2,850 9 July 22 3,950 Accounts Receivable Sales Allowances 3,950