Answer Happy

Posted: **Wed Jul 06, 2022 6:26 am**

: Required Information The Following Information Applies To The Questions Displayed Below At The Beginning Of July Cd 1 (40.76 KiB) Viewed 10 times

: Required Information The Following Information Applies To The Questions Displayed Below At The Beginning Of July Cd 2 (40.86 KiB) Viewed 10 times

: Required Information The Following Information Applies To The Questions Displayed Below At The Beginning Of July Cd 3 (59.86 KiB) Viewed 10 times

: Required Information The Following Information Applies To The Questions Displayed Below At The Beginning Of July Cd 4 (50.44 KiB) Viewed 10 times

Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,750, terms 2/10, 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 receive credit, $400. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $4,700, that had a cost of $2,450. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,550, terms 2/10, n/38. July 22 Sell CDs to customers for cash, $3,650, that had a cost of $1,950. July 28 Return CDs to Music Supply and receive credit of $190. July 30 Pay Music Supply in full. 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 Record purchase of CDs on account from Wholesale Music for $1,750, terms 2/10, n/30. Record payment of cash for freight charges related to the X 12 Record
Record purchase of CDs on account from Wholesale Music for $1,750, terms 2/10, n/30. Record payment of cash for freight charges related to the July 3 purchase from Wholesale Music, $120. 3 Record return of incorrectly ordered CDs to Wholesale Music and receive credit, $400. Record payment to Wholesale Music in full. 5 Sell CDs to customers on account, $4,700, that had a cost of $2,450. Record the sale of inventory on account. Sell CDs to customers on account, $4,700, that had a Note : = journal entry has been entered Record entry Clear entry K 12 Record Credit View general journal
6 Sell CDs to customers on account, $4,700, that had a cost of $2,450. Record the cost of inventory sold. 7 8 9 Record receipt of full payment from customers related to the sale on July 12. Record purchase of CDs on account from Music Supply for $2,550, terms 2/10, n/30. Sell CDs to customers for cash, $3,650, that had a cost of $1,950. Record the sale of inventory for cash. 10 Sell CDs to customers for cash, $3,650, that had a cost of $1,950. Record the cost of inventory sold. Note : = journal entry has been entered Record entry Clear entry Q. D Rec C₁ View
8 the sale on July 12. Record purchase of CDs on account from Music Supply for $2,550, terms 2/10, n/30. 9 Sell CDs to customers for cash, $3,650, that had a cost of $1,950. Record the sale of inventory for cash. 10 Sell CDs to customers for cash, $3,650, that had a cost of $1,950. Record the cost of inventory sold. 11 Record return of CDs to Music Supply and receive credit of $190. 12 Record payment of MusicSupply in full. = journal entry has been entered Note : Record entry Clear entry 12 Record Credit View general jour