please solve correctly and completely all this time with full working thanks At the beginning of July, CD City has a balance in inventory of $3,000. The following transactions occur during the month of July.July 3 Purchase CDs on account from Wholesale Music for $1,900, terms 1/10, 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 receipt of credit, $400.July 11 Pay Wholesale Music in full.July 12 Sell CDs to customers on account, $5,000, that had a cost of $2,600.July 15 Receive full payment from customers related to the sale on July 12.July 18 Purchase CDs on account from Music Supply for $2,700, terms 1/10, n/30.July 22 Sell CDs to customers for cash, $3,800, that had a cost of $2,100.July 28 Return CDs to Music Supply and receive credit of $220.July 30 Pay Music Supply in full.Record the month-end adjusting entry to inventory, assuming that a final count reveals ending inventory with a cost of$2,385. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)No1DateJuly 31Cost of goods sold:Sales RevenueBeginning inventoryCost of Goods SoldGainCost of goods available for saleCost of goods soldGeneral Journal< Required 1Required 3 >DebitPrepare the top section of the multiple-step income statement through gross profit for the month of July.CD CITYMultiple-Step Income Statement (partial)For the Month of July2,385Credit3852,000 Assuming that CD City uses a periodic inventory system, record the transactions. (If no entry is required for a particulartransaction, select "No Journal Entry Required" in the first account field.)General JournalNo123456789101112DateJuly 03July 04July 09July 11July 12July 12July 15July 18July 22July 22July 28July 30InventoryAccounts PayableInventoryCashAccounts PayableInventoryAccounts PayableInventoryCashAccounts ReceivableSales RevenueCost of Goods SoldInventoryCashAccounts ReceivableInventoryAccounts PayableCashSales RevenueCost of Goods SoldInventoryAccounts PayableInventoryAccounts PayableCash*●***››XX››**››**•**33Debit1,9001204001,5005,0002,6005,0002,7003,8002,1002202,580 xCredit1,900120400151,4855,0002,6005,0002,7003,8002,1002202,580ActivGo to S

Using perpetual inventory system, the cost of goods sold is recorded as and when sales transactions…

At the beginning of July, CD City has a balance in inventory of $3,000. The following transactions occur during the month of J July 3 Purchase CDs on account from Wholesale Music for $1,900, terms 1/10, 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 receipt of credit, $400. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $5,000, that had a cost of $2,600. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,700, terms 1/10, n/30. July 22 Sell CDs to customers for cash, $3,800, that had a cost of $2,100. July 28 Return CDs to Music Supply and receive credit of $220. July 30 Pay Music Supply in full.

At the beginning of July, CD City has a balance in inventory of $3,000. The following transactions occur during the month of J July 3 Purchase CDs on account from Wholesale Music for $1,900, terms 1/10, 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 receipt of credit, $400. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $5,000, that had a cost of $2,600. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,700, terms 1/10, n/30. July 22 Sell CDs to customers for cash, $3,800, that had a cost of $2,100. July 28 Return CDs to Music Supply and receive credit of $220. July 30 Pay Music Supply in full.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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