Required Information The following information applies to the questions displayed below) At the beginning of July, CD City has a balance in inventory of $2,550. The following transactions occur during the month of July July 3 Purchase CDs on account from Wholesale Munte for $1.450 term /30. 4. Pay cash for freight charges related to the Tuly purchase from Wholesale Music $120. July 9 Return incorrectly ordered CDs to Wholesale Mule and receivered $400. Jaly 11 Pay Wholesale Musie in full. July 12 Sell to customers on account Sd100, that had a cestor 2.150. July 15 receive full payment from customers related to the sale on July 12. July 18 Purchape con account from Music Supply for $2.250, term 2/10, /30. Baly 22 Sell ce to customers to cash, $3,350, that he cost July 28 Return to Monia Supply and receive credit 130 July 30 Pay Music Supply in full 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.) The following information applies to the questions displayed below! At the beginning of July, CD City has a balance in inventory of $2,550. The following transactions occur during the month of July July 3 Purchase CD on trout fron Wholesale Munte for $1,450, comma 2/10, /30. July & Pay cash for freight charges related to the July 3 purchase from Wholesale to, 120. Julymeturn Incorrectly ordered de to Who Leanle Music and receive credit, 1100. July 11 Pay Wholesale ale in un July 12 Sell cs to cuntonera en account, $4,100. that had met of 12,150. July 15 Receive full payment from water related to the wal Judy 12 July 1 Purchase con out on Munte Supply for $2.250. Le 10 /30. July 22 Sell CDs to customer. 2.350, that had dost of 31.650. July 28 Return Co to Miely and receive eredt OE 5230 July 30 May Hnie 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-stup Income Statement partial For the month of July Net Sales Gross Prati