Question

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 credit, $200. July July July July 11 Pay Wholesale Music in full July 12 Sell CDs to customers on account, $5,600, that had a cost of $2,900 July 15 Receive full payment from customers related to the sale on July 12 July 18 Purchase CDs on account from Music Supply for $3,000, terms 1/10, n/30 July 22 Sell cne to customee for cash. $4,100. that had a cost of $2.400. July 28 Return CDs to Music Supply and receive credit of $280. July 30 Pay Music Supply in full Debit No Date General Journal Credit 2,200 July 03 Inventory Accounts Payable 1 2,200 Inventory 120 July 04 2 120 Cash Accounts Payable Inventory 200 July 09 3 200 Accounts Payable 2,000 July 11 4 1,980 20 Cash Inventory Accounts Receivable 5,600 July 12 5 5,600 Sales Revenue July 12 Cost of Goods Sold Inventory 2,900 6 2,900X 5,600 July 15 Cash 7 5,600 Accounts Receivable Inventory Accounts Payable July 18 3,000 8 3,000 Accounts Receivable 4,100 9 July 22 4,100 Sales Revenue 2,400X July 22 Cost of Goods Sold Inventory 10 2,400X Accounts Payable Inventory 280 July 28 11 280 Accounts Payable 2,720 July 30 12 2,720 Cash LC CC 2. Record the month-end adjustment to inventory, assuming that a final count reveals ending inventory with a cost of $2,820. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record period-end adjustment Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal 3. Prepare the top section of the multiple-step income statement through gross profit for the month of July CD CITY Multiple-step Income Statement (partial) For the month of July Cost of goods sold: Beginning inventory Cost of goods available for sale Cost of goods sold

Answer 1

1)
No	July
1	3	Purchases	$             2,200
		Accounts payable		$            2,200
2	4	Freight in	$                 120
		Cash		$               120
3	9	Accounts payable	$                 200
		Purchases returns		$               200
4	11	Accounts payable	$             2,000
		Purchase discounts	$                   20
		Cash		$            1,980
5	12	Accounts receivable	$             5,600
		Sales revenue		$            5,600
6	15	Cash	$             5,600
		Accounts receivable		$            5,600
7	18	Purchases	$             3,000
		Accounts payable		$            3,000
8	22	Cash	$             4,100
		Sales revenue		$            4,100
9	28	Accounts payable	$                 280
		Purchase returns		$               280
10	30	Accounts payable [3000-280]	$             2,720
		Cash		$            2,720
2)	31
		Cost of goods sold	$             5,300
		Purchases returns	$                 480
		Purchase discounts	$                   20
		Freight in		$               120
		Inventory		$               480
		Purchases		$            5,200
3)		INCOME STATEMENT
		Sales		$            9,700
		Cost of goods sold:
		Beginning inventory	$             3,300
		Add:
		Purchases	$             5,200
		Freight in	$                 120
		Less:
		Purchase returns	$                 480
		Purchase discounts	$                   20
		Cost of goods available for sale	$             8,120
		Less: Ending inventory	$             2,820
		Cost of goods sold		$            5,300
		Gross profit		$            4,400