Problem $6-3$A $($Algo$)$ Record transactions and prepare a partial income statement using a perpetual Record purchase of CDs on account from Music Supply for $$2,300,$ terms $\frac{1}{10},$

$\frac{n}{30}.$

Note: Enter debits before credits. Journal entry worksheet

$1$

$5$

$6$

$7$

$8$

$9$

$10$

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$12$

Sell CDs to customers for cash, $$3,400,$ that had a cost of $$1,700.$ Record the cost of inventory sold.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$July $22,,,],[,,,],[,,,],[,,,],[,,,]]$ Record payment to Music Supply in full.

Note: Enter debits before credits.

inventory system $($LO$6-2,6-5)$

At the beginning of July, CD City has a balance in inventory of $$2,600.$ The following transactions occur during the month of July.July $4$ Pay cash for freight charges related to the July $3$ purchase from Wholesale Music, $$110.$

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, $$4,200,$ that had a cost of $$2,200.$

July $15$ Receive full payment from customers related to the sale on July $12.$

July $18$ Purchase CDs on account from Music Supply for $$2,300,$ terms $1/10,$ n$/30.$

July $22$ Sell CDs to customers for cash, $$3,400,$ that had a cost of $$1,700.$

July $28$ Return CDs to Music Supply and receive credit of $$140.$

July $30$ Pay Music Supply in full.Required:

Assuming that CD City uses a perpetual inventory system, record the transactions.

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.

Assuming that CD City uses a perpetual inventory system, record the transactions. $($If no entry is required for a transaction$/$event$,$ select

$"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Sell CDs to customers on account, $$4,200,$ that had a cost of $$2,200.$ Record

the cost of inventory sold.

Note: Enter debits before credits.

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