At the beginning of July, CD City has a balance in inventory of $2,400. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,300, terms 1/10,n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $120. 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, $3,800, that had a cost of $2,000. July 15 Receive full payment from customers related to the sale on July 12 . July 18 Purchase CDs on account from Music Supply for $2,100, terms 1/10,/30. July 22 Sell CDs to customers for cash, $3,200, that had a cost of $1,500. July 28 Return CDS to Music Supply and receive credit of $100. 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. 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, sefect "No Joumal Entry Reguired" in the first account field.)