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, terms 2/10, n/30. 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. July 18 Purchase CDs on account from Music Supply for $2,550, teres 2/10, n/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." 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July CD CITY Multiple-step Income Statement (partial) For the month of July Droy 17 Next 8