At the beginning of July, CD City has a balance in inventory of $2,700. The foilowing transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,600, terms 1/10,n/30. July 4 Pay cash for freight charges related to the july 3 purehase from Wholesale Kusic, $120. July 9 Return incorrectly ordered CDe to Wholesale Masie and receive oredit, $400. July 11 Ray Wholesale Music in full. July 12 sell CDs Yo customers on account, $4,400, that had a cost of $2,300. July 15 Receive full payment fron customers related to the Bale on July 12. July 18 purehase cDs on account from Music supply for $2,400, terms 1/10,n/30. July 22 sell cDs to customers for cash, $3,500, that had a cost of $1,800. July 28 return CDs to Music supply and receive credit of $160. July 30 Pay Musie Supply in full. 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 ghiestion by entering your answers in the tabs below. Prepare the top section of the multiple-step income statement through gross profit for the month of July