At the beginning of July, CD City has a balance in inventory of $2,905. The foll

Question

At the beginning of July, CD City has a balance in inventory of $2,905. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,730, terms 2/10, n/30. July 4 Pay freight charges related to the July 3 purchase from Wholesale Music, $120. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $320. *July 11 Pay Wholesale Music in full* 1- What is the account payable $$? A) Cash? B) Inventory? July 12 Sell CDs to customers on account, $4,900, that had a cost of $2,500. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $1,750, terms 3/10, n/30. July 22 Sell CDs to customers for cash, $3,690, that had a cost of $1,730. July 28 Return CDs to Music Supply and receive credit of $240. *July 30 Pay Music Supply in full* 1- Account Payable 2- Cash Please provide the answer for lines with *

Explanation / Answer

1930 $, 2905 $

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