8 Required information
[The following information applies to the questions displayed below.)
At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month
of July.
Part 1 of 2
6
points
July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/30.
July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, 6120.
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, 65, 600, that had a cost of $2,900.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase CDs on account from Music Supply for $3,000, terms 1/10, n/30.
July 22 Sell CDs to customers for cash, $4,100, that had a cost of $2,400.
July 28 Return CDs to Music Supply and receive credit of $280.
July 30 Pay Music Supply in full.
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References
Required:
1. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no entry is required for a transaction/event,
select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
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Record purchase of CDs on account from Wholesale Music for $2,200,
terms 1/10, n/30