Business, 24.03.2021 22:20 aaa813

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.
Slapped
eBook
Print
References
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
1
2
3
5
6
8
12
Record purchase of CDs on account from Wholesale Music for $2,200,
terms 1/10, n/30

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 18:40

Which of the following is most likely to lead to a general decrease in wages? a. elastic demand b. public goods c. an economic recovery d. immigration 2b2t

Answers: 1

Answer

Business, 21.06.2019 23:30

As manager of kids skids, meghan wants to develop her relationship management skills. in order to do this, she learns how to

Answers: 2

Answer

Business, 22.06.2019 01:00

Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.

Answers: 3

Answer

Business, 22.06.2019 04:00

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

Answers: 2

Answer

You know the right answer?

8 Required information
[The following information applies to the questions displayed below.)<...

Questions