*Complete the journals for buying and selling inventory and put in the ending inventory value...
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*Complete the journals for buying and selling inventory and put in the ending inventory value (using a T-account for inventory) Bill's Music sells CDs. They have the following transactions for May. 5/1 Purchase 1000 CDs on account (2/10 n30 FOB Shipping) at $3 each and put into inventory 5/2 Freight on the 5/1 purchase was $250. Pay in cash 5/5 Sell 100 CDs for $1,200 - on account. CDs sold cost $300. Terms are 1/10 n30 5/7 Return 50 of the CDs purchased on 5/1 - defective ($3 each) 5/8 Pay for the CDs (not the freight) purchased on 5/1 - net of returns/discount 5/9 Receive Payment for sale on 5/5 5/29 Pay salaries of $500 5/30 Buy 100 more CDs at $4 each - cash 5/31 Sell 200 CDs for $2,500 - all cash. CDs sold cost $600. What is the ending balance of the Inventory Account ___________________
*Complete the journals for buying and selling inventory and put in the ending inventory value (using a T-account for inventory)
Bill's Music sells CDs. They have the following transactions for May.
5/1 Purchase 1000 CDs on account (2/10 n30 FOB Shipping) at $3 each and put into inventory
5/2 Freight on the 5/1 purchase was $250. Pay in cash
5/5 Sell 100 CDs for $1,200 - on account. CDs sold cost $300.
Terms are 1/10 n30
5/7 Return 50 of the CDs purchased on 5/1 - defective ($3 each)
5/8 Pay for the CDs (not the freight) purchased on 5/1 - net of returns/discount
5/9 Receive Payment for sale on 5/5
5/29 Pay salaries of $500
5/30 Buy 100 more CDs at $4 each - cash
5/31 Sell 200 CDs for $2,500 - all cash. CDs sold cost $600.
What is the ending balance of the Inventory Account ___________________
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