Problem 6-3A (Algo) Record transactions and prepare a partial income statement using a perpetual inventory...
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Problem A Algo Record transactions and prepare a partial income statement using a perpetual inventory system LO At the beginning of July, CD City has a balance in inventory of $ The following transactions occur during the month of July. July Purchase CDs on account from Wholesale Music for $ terms July Pay cash for freight charges related to the July purchase from Wholesale Music, $ July Return incorrectly ordered CDs to Wholesale Music and receive credit, $ July Pay Wholesale Music in full. July Sell CDs to customers on account, $ that had a cost of $ July Receive full payment from customers related to the sale on July July Purchase CDs on account from Music Supply for $ terms July Sell CDs to customers for cash, $ that had a cost of $ July Return CDs to Music Supply and receive credit of $ July Pay Music Supply in full. Required: Assuming that CD City uses a perpetual inventory system, record the transactions. Prepare the top section of the multiplestep income statement through gross profit for the month of July. 
Problem A Algo Record transactions and prepare a partial income statement using a perpetual inventory system LO
At the beginning of July, CD City has a balance in inventory of $ The following transactions occur during the month of July.
July Purchase CDs on account from Wholesale Music for $ terms
July Pay cash for freight charges related to the July purchase from Wholesale Music, $
July Return incorrectly ordered CDs to Wholesale Music and receive credit, $
July Pay Wholesale Music in full.
July Sell CDs to customers on account, $ that had a cost of $
July Receive full payment from customers related to the sale on July
July Purchase CDs on account from Music Supply for $ terms
July Sell CDs to customers for cash, $ that had a cost of $
July Return CDs to Music Supply and receive credit of $
July Pay Music Supply in full.
Required:
Assuming that CD City uses a perpetual inventory system, record the transactions.
Prepare the top section of the multiplestep income statement through gross profit for the month of July.
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You can see the logs in the Dashboard.