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Problem 6-3A Record transactions and prepare a partial income statement using a perpetual inventory system...

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Problem 6-3A Record transactions and prepare a partial income statement using a perpetual inventory system (L06-2, 6-5) [The following information applies to the questions displayed below) At the beginning of July. CD City has a balance in Inventory of $3,000. The following transactions occur during the month of July July 3 Purchase cos on account from Wholesale Music for $1,900, 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, $400. July 11 Pay Wholesale Music in full July 12 Sell CDs to customers on account, $5,000, that had a cost of $2,600. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase CDs on account from Music Supply for $2,700, terms 1/10, 1/30. July 22 Sell cos to customers for cash, 53,800, that had a cost of $2,100 July 28 Return Cos to Music Supply and receive credit of $220. July 30 Pay Music Supply in full. Problem 6-3A Part 2 ho 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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