Business, 07.03.2020 05:36 Mw3spartan17

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 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/30.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.

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At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions o...

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