At the beginning of July, CD City has a balance in inventory of $2,900. The following transactions occur during the month of July.
July 3 Purchase CDs on account from Wholesale Music for $1,800, terms 2 / 10, n / 30.
July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $100 .
July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $300.
July 11 Pay Wholesale Music in full.
July 12 Sell CDs to customers on account, $4,800, that had a cost of $2,500.
July 15 Receive full payment from customers related to the sale on July 12 .
July 18 Purchase CDs on account from Music Supply for $2,600, terms 1 / 10, n / 30.
July 22 Sell CDs to customers for cash, $3,700, that had a cost of $2,000.
July 28 Return CDs to Music Supply and receive credit of $200.
July 30 Pay Music Supply in full.
2. Prepare the top section of the multiple-step income statement through gross profit for the month of July
Homework Answers
Answer:
| Net sales revenue. (4800+3700) | 8500 |
| Less cost of good sold (2500+2000) | (4500) |
| Gross profit | 4000 |
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At the beginning of July, CD City has a balance in inventory of $2,900
At the beginning of July. CD City has a balance in inventory of $3,300
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 $3,300. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/38. July 4 Pay cash for freight charges related to the July ) purchase from Wholesale Music, $120. July 9 Return incorrectly ordered...
Required information The following information applies to the questions displayed below.) At the beginning of July,...
Required information The following information applies to the questions displayed below.) 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 3 Purchase CDs on account from Wholesale Music for $1,500, terme 1/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Musie, $110. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $200. July 11...
[The following information applies to the questions displayed below.] At the beginning of July, CD City...
[The following information applies to the questions displayed below.] 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...
can anyone help me with these qustions here is another photo for the information Required information...
can anyone help me with these qustions
here is another photo for the information
Required information The following information applies to the questions displayed below) At the beginning of July CD City has a balance in invertory of $2.500. The following transactions occur during the month of July Foly Purchase be seen from Molesale Music for $1.500, tome 1/10, /30 July 4 Pay as for freight charges related to the July ) purchase from Wholesale musie, 3110. July 9 Return...
Problem 6-3A Record transactions and prepare a partial Income statement using a perpetual Inventory system (LO6-2, 6-5)
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 $3,250. The following transactions occur during the month of July.July 3 Purchase CDs on account fron hholesale Music for $2,150, teras 2 / 10, n / 30.July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110.July...
Required information Problem 6-3A Record transactions and prepare a partial income statement using a perpetual inventory...
Required information 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 $3,050. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,950, terms 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale...
Please! Help me with these three tables!!! Required information [The following information applies to the questions disp...
Please! Help me with these three tables!!!
Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/30 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120 9 Return incorrectly ordered CDs to Wholesale Music and receive...
July 3 Purchase CDs on account from Wholesale Music for $2,150, terms 2/10, n/30. July 4...
July
3
Purchase CDs on account from Wholesale Music for $2,150, terms
2/10, n/30.
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, $300.
July
11
Pay Wholesale Music in full.
July 03 Inventory 2,150 Accounts Payable 2,150 2 July 04 110 Inventory Cash 110 3 July 09 300 Accounts Payable Inventory 3000 July 11 Accounts Payable 1,850 Cash Sales...
At the beginning of June, Circuit Country has a balance in inventory of $2,450. The following...
At the beginning of June, Circuit Country has a balance in inventory of $2,450. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,150, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $290. June 8 Return defective radios to Radio World and receive credit, $300. June 10 Pay Radio World in full. June 11 Sell radios to customers on...
At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur du...
At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,050, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $270. June & Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on...
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 $3,300. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/38. July 4 Pay cash for freight charges related to the July ) purchase from Wholesale Music, $120. July 9 Return incorrectly ordered...
Required information The following information applies to the questions displayed below.) 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 3 Purchase CDs on account from Wholesale Music for $1,500, terme 1/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Musie, $110. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $200. July 11...
can anyone help me with these qustions
here is another photo for the information
Required information The following information applies to the questions displayed below) At the beginning of July CD City has a balance in invertory of $2.500. The following transactions occur during the month of July Foly Purchase be seen from Molesale Music for $1.500, tome 1/10, /30 July 4 Pay as for freight charges related to the July ) purchase from Wholesale musie, 3110. July 9 Return...
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 $3,250. The following transactions occur during the month of July.July 3 Purchase CDs on account fron hholesale Music for $2,150, teras 2 / 10, n / 30.July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110.July...
Required information 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 $3,050. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,950, terms 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale...
Please! Help me with these three tables!!!
Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $3,300. The following transactions occur during the month of July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/30 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120 9 Return incorrectly ordered CDs to Wholesale Music and receive...
July
3
Purchase CDs on account from Wholesale Music for $2,150, terms
2/10, n/30.
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, $300.
July
11
Pay Wholesale Music in full.
July 03 Inventory 2,150 Accounts Payable 2,150 2 July 04 110 Inventory Cash 110 3 July 09 300 Accounts Payable Inventory 3000 July 11 Accounts Payable 1,850 Cash Sales...
At the beginning of June, Circuit Country has a balance in inventory of $2,350. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,050, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $270. June & Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on...
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