Question: I only need help with the second question! thanks! options for the general journal lines: accounts payable, accounts receivable, advertising expense, allowance for uncollectible accounts,

At the beginning of July, CD City has a balance in inventory of $2,800. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,700, terms 1/10,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, $4,600, that had a cost of $2,400. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,500, terms 1/10,n/30. July 22 Sell CDs to customers for cash, $3,600, that had a cost of $1,908. July 28 Return CDS to Music Supply and receive credit of $180. July 30 Pay Music Suppty in fult. Required: Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactiolis. 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. Prepare the top section of the multiple-step income statement through gross profit for the month of July. 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. Prepare the top section of the multiple-step income statement through gross profit for the month of July. At the beginning of July, CD City has a balance in inventory of $2,800. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,700, terms 1/10,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, $4,600, that had a cost of $2,400. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,500, terms 1/10,n/30. July 22 Sell CDs to customers for cash, $3,600, that had a cost of $1,908. July 28 Return CDS to Music Supply and receive credit of $180. July 30 Pay Music Suppty in fult. Required: Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactiolis. 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. Prepare the top section of the multiple-step income statement through gross profit for the month of July. 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. Prepare the top section of the multiple-step income statement through gross profit for the month of July
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
