Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) The following information applies to the questions displayed below At the beginning of July, CD City has a balance in inventory of $3,400. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,300, terms 1/10, 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, $5,800, that had a cost of $3,000. July 15 Receive full payment from customers related to the sale on July 12 July 18 Purchase CDs on account from Music Supply for $3,100, terms 1/10, n/30 July 22 Sell CDs to customers for cash, $4,200, that had a cost of $2,500. July 28 Return CDs to Music Supply and receive credit of $300. July 30 Pay Music Supply in ful.

Gross profit $4500

Explanation:

July-3 Dr  Inventory  2300

               Cr Accounts payable   2300

          (To record purchase of cds on account)

July-4 Dr  Inventory 110

                Cr Cash        110

        ( To record payment of freight charges associated with purchase)

July-9  Dr Accounts payable  200

               Cr Inventory                    200

    (To record purchase return)

July-11  Dr Accounts payable  (2300-200)  2100

                               Cr Cash                                   2100

      (To record payment in full of inventory purchase)

July-12.a)  Dr  Cost of goods sold  3000

                                               Cr  Inventory        3000

          b)  Dr Account receivable     5800

                                              Cr   Sales revenue  5800

     (To record sales of inventory)

July-15 Dr Cash  5800

                  Cr  Account receivable  5800

      ( To record receipt of sales)

July-18 Dr Inventory    3100

                Cr  Accounts payable   3100

        (To record purchase of inventory)

July-22.a) Dr Cost of goods sold 2500

                      Cr inventory                  2500

             b)   Dr Account receivable  4200

                           Cr sales  revenue                      4200

        (To record sales of inventory)

July-28 Dr Accounts payable  300

               Cr      Inventory               300

            (To record purchase return)

July-30  Dr  Accounts payable   3100

                    Cr Cash                           3100

           (To record payment in full of purchases made).

                                      Partial Income Statement

                                                                                                      $

Sales (5800+4200)                                                                  = 10000

less: Cost of goods sold(3000+2500)                                   = (5500)

                             Gross profit                                                     4500

answer; the correct answer is (0.08);

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.