ncesAt the beginning of July, CD City has a balance in Inventory of $2,650. The following transactions occur during the month of July.July 3 Purchase CDs on account from wholesale Music for $1,550, terms 2/10, 1/30.July 4 Pay cash for freight charges related to the July 3 purchase from wholesale Music, $100.July 9 Return incorrectly ordered CDs to wholesale Music and receive credit, $300.July 11 Pay Wholesale Music in full.July 12 Sell CDs to customers on account, $4,300, that had a cost of $2,250.July 15 Receive full payment from customers related to the sale on July 12.July 18 Purchase CDs on account from Music Supply for $2,350, terms 2/10, 1/30.July 22 sell CDs to customers for cash, $3,450, that had a cost of $1,750.July 28 Return CDs to Husic Supply and receive credit of $150.July 30 Pay Music Supply in full.Required:1. Assuming that CD City uses a perpetual Inventory system, record the transactions.2. Prepare the top section of the multiple-step income statement through gross profit for the month of July.Complete this question by entering your answers in the tabs below.Required 1 Required 2Assuming 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 listJournal entry worksheet234Note: Enter debits before creditsDaleJuly 035678..... 12Record purchase of CDs on account from Wholesale Music for $1,550, terms2/10, /30.DebidCredit

Journal Entry :— It is an act of recording transaction in books of account when transaction…

ces At the beginning of July, CD City has a balance in Inventory of $2,650. The following transactions occur during the month of July. July 3 Purchase CDs on account from wholesale Music for $1,550, terms 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from wholesale Music, $100. July 9 Return incorrectly ordered CDs to wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 sell CDs to customers on account, $4,300, that had a cost of $2,250. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,350, terms 2/10, 1/30. July 22 sell CDs to customers for cash, $3,450, that had a cost of $1,750. July 28 Return CDs to Music Supply and receive credit of $150. July 30 Pay Music supply in full. Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July Complete this question by entering your answers in the tabs below. Required 1 Required 2

ces At the beginning of July, CD City has a balance in Inventory of $2,650. The following transactions occur during the month of July. July 3 Purchase CDs on account from wholesale Music for $1,550, terms 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from wholesale Music, $100. July 9 Return incorrectly ordered CDs to wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 sell CDs to customers on account, $4,300, that had a cost of $2,250. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,350, terms 2/10, 1/30. July 22 sell CDs to customers for cash, $3,450, that had a cost of $1,750. July 28 Return CDs to Music Supply and receive credit of $150. July 30 Pay Music supply in full. Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July Complete this question by entering your answers in the tabs below. Required 1 Required 2

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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Jan. 2 Purchased merchandise on account from Nunez Company, $27,600, terms 3/10, n/30. (Wildhorse uses the perpetual inventory system.) 1 Issued a 9%, 2-month, $27,600 note to Nunez in payment of account. Feb. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,200 in cash and signing a 10%, 3-month, $68,400 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare Journal entries for the listed transactions and events. Post the accounts Notes Payable, Interest payable, and Interest Expense. Show the balance sheet presentation of notes and interest payable at December 31. What is the total interest expense for the year?
Ww.208.
Pets Unlimited sells pet supplies to retailers. The company uses a perpetual inventory. Journalize the following transactions for the company: June 1 Sold merchandise for $6,250 with terms 2/10, n/30. Inventory cost was $5,000. 5 Sold merchandise for $10,000 with terms 3/10, n/30. Inventory cost was $6,000. 11 Received a check from the customer paying the balance due within the discount period.
Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 4,875 (a) 6,825 $8 $9 March 21 X Your answer is incorrect. March 26 During March 21,000 units were sold. Swifty uses a periodic inventory system. Determine the cost of goods available for sale. 7,850 @ $10 $11 Cost of goods available for sale $ 5,800 181725
1
Accounting
At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,350, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $330. June 8 Return defective radios to Radio World and receive credit, $300. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,300, that had a cost of $2,850. June 18 Receive payment on account from customers, $3,300. June 20 Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,950, that had a cost of $3,250. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full.
Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Oct. 30 Paid account in full from the October 20 purchase. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Oct. 13 Oct. 20 Oct. 30 Accounts Receivable Accounts Payable Cost of Goods Sold Cash Sales Returns and Allowances II III II II
Journal entries.
Complete all requiremnts in pic