At the beginning of July, CD City has a balance in inventory of $2,950. The following transactions occur during the month of July. July 3 Purchase CDs on account from hholesate Music for $1,850, terns 2/10,n/30. July 4 Pay cash for freight charges retated to the July 3 purchase fron Wholesale Music, $110. Juty 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $20. July 11 Pay wholesale Music in futl. July 12 Sell Cos to customers on account, $4,900, that had a cost of $2,550. July 15 Receive full payment from custoners related to the sale on July 12 . July 18 Purchase cos on account from Music Supply for $2,650, terns 2/10,n/30. July 22 Sell cDs to custoners for cash, $3,750, that had a cost of $2,050. July 28 Return CDs to Music Supply and receive credit of $210. July 30 Pay Music Supply in fult. Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July. Prepare the top section of the multiple-step income statement through gross profit for the month of July. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no entry is require "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Assuming that CD City uses a perpetual inventory system, record the transactions. (If no entry is re "No Journal Entry Required" in the first account field.) Journal entrv worksheet