C/ Merchandise Inventory System. Using "Perpetual" method. Useful to Open on your scratch paper T Accounts. Journalize the following transactions: (7 x 3pts = 21 pts) January 2: Purchased goods for $ 20,000- 2/10 N 30, FOB Shipping point January 3: The concerned party paid $ 200- for freight covering January 2, transaction. January 7: Returned defected goods for $ 3,000- January 9: Paid $ 7,000- in cash to the seller on account January 11: Sold goods for 2,500-, 3/12 N 45, the cost of these goods is 1,900- January 16: Paid remaining balance to the seller in cash. January 21: Received Full amount related to transaction dated January 11