3. Prepare the journal entries to record the following transactions using a perpetual inventory system. Noy 6 - Sold merchandise on account for $125,000, terms 3/30, net/50. The cost of the merchandise sold was $60,000 Nov 10 - Received sales returns of $24,000 of merchandise sold on Nov 6. The cost of the merchandise returned was $,6000 Nov 20 - Received the net amount due for Nov 6 sales Dr. Cr. Account title and explanation Date of the transaction