Perpetual Inventory System - Purchaser ABC company purchased 550,000 of merchandise on account. American Airlines billed ABC $2,000 for the freight charge . Terms are 02/10et 30FOB Shipping Point Required: 1) Record the Joumal Entry for the Purchase of the merchandise. 2) Record the Joumal Entry for the Freight Perpetual Inventory System - Sales Return from a Customer Received retumed goods from a customer. The sales price was $7,500 and the cost of goods sold is $3,000. Required: Record the Joumal Entry(s) for the Credit to our account and for the Merchandise Retum