Perpetual Inventory Journal Entries KJ Company engaged in the following transactions in September 2014. Sept 1 Sold merchandise to ABC company on credit, terms 2/10, n/30, $3,000, (cost $1,800). 3 Purchased merchandise on credit from Newark Company, terms 3/15, n/60, FOB shipping point, for $6,000. 5 Paid freight charges to Delivery Company of $100 to get freight in. 8 Returned merchandise to Newark Company costing $500. 15 Received check from ABC Company for their purchase on Sept 1. 17 Paid Newark Company for the balance due for inventory. 20 Received a return of goods sold for $300 (cost $180). 30 Estimated returns for the month of $200 with a cost of $120. Prepare appropriate journal entries assuming KJ Company uses a perpetual inventory system