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At the beginning of July, CD City has a balance in inventory of $2,500. The following transactions occur during the month of July.
At the beginning of July, CD City has a balance in inventory of $2,500. The following transactions occur during the month of July.
July 3 Purchase CDs on account from Wholesale Music for $1,400, terms 1/10, 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, $200.
July 11 Pay Wholesale Music in full.
July 12 Sell CDs to customers on account, $4,000, that had a cost of $2,100.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase CDs on account from Music Supply for $2,200, terms 1/10, n/30.
July 22 Sell CDs to customers for cash, $3,300, that had a cost of $1,600.
July 28 Return CDs to Music Supply and receive credit of $120.
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.
What are net sales, Cost of goods sold, gross profit
