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Required information [The following information applies to the questions displayed below.) At the beginning of...

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Accounting

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Required information [The following information applies to the questions displayed below.) At the beginning of July, CD City has a balance in Inventory of $3,250. The following transactions occur during the month of July July 3 Purchase CDs on account from Wholesale Music for $2,150, terms 2/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers on account, $5,500, that had a cost of $2,850. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,950, terns 2/10, n/30. July 22 Sell CDs to customers for cash, $4,050, that had a cost of $2,350. July 28 Return cos to Music Supply and receive credit of $270. 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 CD CITY Multiple-step Income Statement (partial) For the month of July

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