Saved Required information 1 of 2 Problem 6-3A 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 uly 3 Purchase CDs on account from Wholesale Music for $2, 300, terns 1/10, n/30. uly 4 Pay cash for freight charges related to the July 3 purchase fros July 9 Return incorrectly ordered CDs to wholesale Music and receive credit, $208. Duly 11 Pay wholesale Music in full July 12 5ell CDs t July 15 Receive ful1 payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $3,100, terns 1/10, n/30. July 22 Sell CDs to customers for cash, $4,200, that had a cost of $2,se0, July 28 Return CDs to Music Supply and receive credit of $3e9. July 30 Pay Music Supply in full. uholesale Mussc, $118 to customers on account, $5,800, That had a cost of $3,eee. Problem 6-3A Part 1 Required 1. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no entry is required for a transection/ever select "No Journal Entry Required" in the first account field.) 1 Problem 6-3A Part 1 Required: 1. Assuming that CD City uses a perpetual inveritory system, record the transactions (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No l Journal Debit July 03 Inventory Inventory Cash 100 3 July 09 300 Inventory 1.500 0 July 11 1,470 3 4.800 2.500 -2.500 July 12 800 3 Cost of Goods Sold 2 500 03 Inventory Cost of Goods Sold Inventory July 12 2.500 15 R. 8 list Journal entry worksheet 2 3 5 6 7 8 12 Record purchase of CDs on account from Wholesale Music for $2,300, terms 1/10, n/30. Date General Journal Credit July 03 Inventory 1,700 Accounts Payable 1.700 Clear entry Record entry l 100 JOUrnal Ehtly Required in the first account field.) Print Journal entry worksheet 3 4 5 8 12 Record payment of cash for freight charges related to the July 3 purchase from Wholesale Music, $110. Debit Credit Date General Journal 100 July 04 nventory Cash 100 View general journal Record entry ferences Journal entry worksheet 12 Record return of incorrectly ordered CDs to Wholesale Music and receive credit, $200 July 09 s Payable 300 Journal entry worksheet Sell CDs to customers on account, $5,800, that had a cost of $3,000. Record the sale of inventory on account Note: Enter debits b ral Jour Debit July 12Ac Receivable 4,800 Cost of Goods Sol 2,500 Inventory View transaction list Journal entry worksheet 2 3 4 8 12 Sell CDs to customers on account, $5,800, that had a cost of $3,000. Record the cost of inventory sold. Note: Enter debits before credits Date General Journal Debit Credit 2.500 July 12 Cost of Goods Sold nventory 2,500 Clear entry Record entry View transaction list Journal entry worksheet 2 3 5 6 12 Recoard receipt f t payment from customers y 2 Note: Enter debits before credits. Date General Journal Debit Credit 4.800 July 15 Cash 4,800 Accounts Receivable Clear entry Journal entry worksheet Record purchase of CDs on account from Music Supply for $3,100, terms 1/10 n/30 nventory 2.600 Accounts Payable 2,600 Required. 1. Assuming that CD City uses a perpetual inventory system, record the transactions (If no entry is req select "No Journal Entry Required" in the first account field.) Journal entry worksheet 6 8 12 Sell CDs to customers for cash, $4,200, that had a cost of $2,500. Record the sale of inventory for cash. Note: Enter debits before credits Date ral Journal Debit Credit July 22 Cash 3,700 Sales Revenue 3.700 Clear entry Record entry 1. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 5 6 7 8 9 10 12 Record payment of Music Supply in full. Note: Enter debits before credits. Debit Credit General Journal Date 2 400 Accounts Payable 2,400 July 30 Cash