Reference no: EM13215031
At the beginning of July, CD City has a balance in inventory of $2,925. The following transactions occur during the month of July.
July 3 Purchase CDs on account from Wholesale Music for $1,860, terms 3/10, n/30.
July 4 Pay freight charges related to the July 3 purchase from Wholesale Music, $150.
July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $360.
July 11 Pay Wholesale Music in full.
July 12 Sell CDs to customers on account, $4,780, that had a cost of $2,430.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase CDs on account from Music Supply for $1,720, terms 1/10, n/30.
July 22 Sell CDs to customers for cash, $3,620, that had a cost of $1,860.
July 28 Return CDs to Music Supply and receive credit of $275.
July 30 Pay Music Supply in full.
Assuming that CD City uses a perpetual inventory system, record the transactions.
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: At the beginning of July, CD City has a balance in inventory of $2,925. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,860, terms 3/10, n/30. July 4 Pay freight charges related t..
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