Prepare journal entries for the following information/transactions for the seller, Middletown Co. (MC/seller). Use the drop downs to select the correct answer for each debit and credit. Assume Middletown Co uses the perpetual inventory system. July 3- MC sold merchandise on account, $18,000, terms FOB shipping point, net/eom. -The cost of the merchandise sold was $11,300. July 5- Buyer paid freight charges of $750 on 7/3 purchase from MC. July 9-MC issued the buyer a credit memo for merchandise returned, $2,800. -The cost of merchandise returned was $1,425. July 11-MC received payment from the buyer for purchase on 7/3