At the beginning of July, CD City has a balance in inventory of $2,750. The following transactions occur during the month of July. July 3 Purchase cDs on account from Wholesale Musie for $1,650, terms 2/10,n/30. July 4 Pay cash for freight charges related to the July 3 purohase from wholesale Music, $110. July 9 Return incorrectly ordered CDs to wholesale Music and receive credit, $200. July 11 Pay Wholesale Musie in full. July 12 sell cDs to customors on account, $4,500, that had a cost of $2,350. July 15 Receive full payment from customers related to the sale on July 12 . July 18 Purchase cDs on account from Musie Supply for $2,450, terms 2/10,n/30. July 22 Sell CDe to customers for cash, $3,550, that had a cost of $1,850. July 28 Return cDs to Masic supply and receive credit of $170. July 30 Pay Musie supply in ful1. 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. Complete this question by entering your answers in the tabs below. 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.)