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At the beginning of July, CD City has a balance in inventory of...

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Accounting

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At the beginning of July, CD City has a balance in inventory of $3,150. The following transactions occur during the month of July July 3 Purchase CDs on account from wholesale Music for $2,050, 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, $200. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $5,300, that had a cost of $2,750 July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,850, terms 2/10, n/30. July 22 Sell CDs to customers for cash, $3,950, that had a cost of $2,250 July 28 Return CDs to Music Supply and receive credit of $250. July 30 Pay Music Supply in full

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