8 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.
Part 1 of 2
6
points
July 3 Purchase CDs on account from Wholesale Music for $2,200, terms 1/10, n/30.
July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, 6120.
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, 65, 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 CDs to customers 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.
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Required:
1. 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.)
View transaction list
Journal entry worksheet
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Record purchase of CDs on account from Wholesale Music for $2,200,
terms 1/10, n/30

The county collector of suncoast county is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. to reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency fund deducts 1.5 percent from the collections for the town, the school district, and the other towns. the total amount deducted is added to the collections for the county and remitted to the suncoast county general fund.the following events occurred in 2017: 1. current-year tax levies to be collected by the agency were: county general fund $ 10,333,000 town of bayshore general fund 4,840,000 suncoast county consolidated school district 6,550,000 other towns 3,120,000 total $ 24,843,000 2. $13,700,000 of current taxes was collected during the first half of 2017.3. liabilities to all funds and governments as a result of the first half-year collections were recorded. (a schedule of amounts collected for each participant, showing the amount withheld for the county general fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.)4. all cash in the tax agency fund was distributed.requireda. prepare journal entries for each of the foregoing transactions that affected the tax agency fund. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your answers to the nearest whole dollar amount.)1. record the current-year tax levies to be collected by the agency.2.record the current taxes collected during the first half of 2017.3.record the liabilities due to all funds and governments at the end of first half-year.4. record the distribution of all cash in the tax agency fundb. prepare journal entries for each of the foregoing entries that affected the town of bayshore general fund. begin with the tax levy entry, assuming 2 percent of the gross levy will be uncollectible. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your answers to the nearest whole dollar amount.)1.record the revenues receivable and uncollectible.2. record the taxes collected

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