At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions occur during the month of July. July 3 Purchase CDs on account from wholesale Music for $1,750, teres 2/10, /10. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120. July Return incorrectly ordered CDs to wholesale Music and receive credit, $400. July 11 Pay Wholesale Music in full. July 12-Sell CDs to customers on account, $4,700, that had a cost of $2,450. July 15 Receive full payment from customers related to the sale on July 12.1 July 18 Purchase CDs on account from Music Supply for $2,550, terms 2/10, 6/30. July 22 Sell CDs to customers for cash, $3,650, that had a cost of $1,950. July 28 Return CDs to Music Supply and receive credit of $190. July 30 Pay Music Supply in full. Check my work Required: 1. Assuming that CD City uses a perpetual inventory system, record the transactions. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7