Homework chap 5 Name Bill's Music sells CDs. They have the following transactions for May....
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Homework chap 5 Name Bill's Music sells CDs. They have the following transactions for May. 5/1 Purchase 700 CDs on account (2/10 n30 FOB Shipping) at $3 each and put into inventory 5/2 Freight on the 5/1 purchase was $10 Pay in cash 5/5 Sell 50 CDs for $600 - on account. CDs sold cost $150 Terms are 1/10 n30 5/7 Return 20 of the CDs purchased on 5/1 - defective ($3 each) $60 5/8 Pay for the CDs (not the freight) purchased on 5/1 - net of returns/discount 5/9 Receive Payment for sale on 5/5 5/29 Pay salaries of $500 Inventory 5/30 Buy 80 more CDs at $4 each - cash 5/31 Sell 30 CDs for $500 - all cash. CDs sold cost $320 What is the ending balance of the Inventory Account Use the space below to make all entries for the month. ACCOUNDEBIT CREDIT 1-May 2-May 5-May 7-May 8-May 9-May 29-May 30-May 31-Mayl
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