Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $3 , 350 . The following transactions occur during the month of July. Ju1y 3 Purchase CDs on account from Wholesale Musie for $2 , 250 , terms 2/10 , n /30 . July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $100 . 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 eustomers on account, $5 , 700 , that had a cost of $2 , 950 . July 15 Receive full payment from customers related to the sale on July 12 . July 18 Purchase CDs on account from Music Supply for $3 , 050 , terms 2/10 , n /30 . July 22 Sell cDs to customers for cash, $4 , 150 , that had a cost of $2 , 450 . July 28 Return CDs to Musie Supply and receive credit of $290 . 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/eve select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record purchase of CDs on account from Wholesale Music for $2 , 250 , terms 2/10 , n /30 . Note: Enter debits before credits: Required information [The following information applies to the questions displayed below.] At the beginning of July, CD City has a balance in inventory of $3 , 350 . The following transactions occur during the month of July. July 3 Purchase cDs on account from Wholesale Music for $2 , 250 , terms 2/10 , n /30 . July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, \$100. July 9 Return incorrectly ordered CDs to Wholesole Music and receive credit, $200 . July 11 Pay Wholesale Music in fu11. July 12 Sel1 CDs to customers on account, $5 , 700 , that had a cost of $2 , 950 . July 15 Receive full payment from customers related to the sale on July 12. July 18 purchase cDs on account from Music supply for $3 , 050 , terms 2/10 , n /30 . July 22 Se11 cDs to customers for cash, $4 , 150 , that had a cont of $2 , 450 . July 28 Return CDs to Music Supply and receive eredit of $290 . 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