Business, 31.10.2019 00:31 montgomerykarloxc24x

At the beginning of july, cd city has a balance in inventory of $3,400. the following transactions occur during the month of july.

july 3 purchase cds on account from wholesale music for $2,300, terms 1/10, 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, $200. july 11 pay wholesale music in full. july 12 sell cds to customers on account, $5,800, that had a cost of $3,000. july 15 receive full payment from customers related to the sale on july 12. july 18 purchase cds on account from music supply for $3,100, terms 1/10, n/30. july 22 sell cds to customers for cash, $4,200, that had a cost of $2,500. july 28 return cds to music supply and receive credit of $300. july 30 pay music supply in full.

prepare the top section of the multiple-step income statement through gross profit for the month of july.

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At the beginning of july, cd city has a balance in inventory of $3,400. the following transactions o...

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