At the beginning of July, CD City has a balance in inventory of $2,450. The following transactions occur during the month of July.
July 3 Purchase CDs on account from Wholesale Music for $1,350, terms 2/10, n/30.
July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110.
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, $3,900, that had a cost of $2,050.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase CDs on account from Music Supply for $2,150, terms 2/10, n/30.
July 22 Sell CDs to customers for cash, $3,250, that had a cost of $1,550.
July 28 Return CDs to Music Supply and receive credit of $110.
July 30 Pay Music Supply in full.
Required:
a. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no entry is required for a transaction/event, state "No journal entry required".)
b. Prepare the top section of the multiple-step income statement through gross profit for the month of July.
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