At the beginning of july, cd city has a balance in inventory of $3,400. the following transactions occur during the month of july.

july 3 purchase cds on account from wholesale music for $2,300, terms 1/10, n/30. july 4 pay cash for freight charges related to the july 3 purchase from wholesale music, $110. 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, $5,800, that had a cost of $3,000. july 15 receive full payment from customers related to the sale on july 12. july 18 purchase cds on account from music supply for $3,100, terms 1/10, n/30. july 22 sell cds to customers for cash, $4,200, that had a cost of $2,500. july 28 return cds to music supply and receive credit of $300. 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.

Shawshank real estate agency. oct. 1 pete shawshank begins business as a real estate agent with a cash investment of $25,000 in exchange for common stock. 2 hires an administrative assistant. 3 purchases office furniture for $2,900, by paying $700 cash with the balance on account. 6 sells a house and lot for n. kidman, earning a fee of $3,600, with $600 collected in cash and the balance billed to n. kidman. 27 pays $900 on the balance related to the transaction of october 3. 30 pays the administrative assistant $2,300 in salary for october. 31 collects $1,200 of the balance owed by n. kidman. instructions: (a) journalize the transactions. (you may omit explanations.) (b) what balance would shawshank real estate agency report for accounts payable in its october 31 financial statements? in which category of which financial statements would it be found? (c) what balance would shawshank real estate agency report for accounts receivable in its october 31 financial statements? in which category of which financial statements would it be found?