6-3B -Inventory Purchases, Sales, Returns and More! The following transactions occurred for Perry Inc.: March 1 Sold inventory on account for $1,500. The inventory cost $800. Terms 2/10, n/30 March 3 Purchased inventory on account: $2,800. Terms: 2/10, n/30. March 5 Inventory was returned from the March 1 sale. The inventory was badly damaged and was thrown out. A credit of $200 was given. The inventory had an original cost of $110. March 9 Received payment for the inventory sold on March 1. March 16 Purchased inventory on account: $500. Terms: 1/5, n/15. March 18 Paid freight on March 16 inventory purchase: $50. March 22 Sold inventory for $3,000 on account. The cost of inventory was $1,100. Terms 2/10, n/30. March 24 Paid for inventory purchase from March 16. March 31 Customer from the March 22 sale paid the amount owing. Perry Inc. uses a perpetual inventory system. Required: Prepare journal entries based on the transactions above