Sheridan Wholesalers uses a perpetual inventory system. Mar. 1 2 3 21 Stellar Stores purchases $9.400 of merchandise for resale from Sheridan Wholesalers, terms 2/10,n/30. FOB shipping point. The correct company pays $165 for the shipping charges. Stellar returns $1,200 of the merchandise purchased on March 1 because it was the wrong colour. Sheridan gives Stellar a $1,200 credit on its account. Stellar Stores purchases an additional $14.000 of merchandise for resale from Sheridan Wholesalers, terms 2/10, n/30. FOB destination The correct company pays $195 for freight charges. Stellar returns $600 of the merchandise purchased on March 21 because it was damaged. Sheridan gives Stellar a $600 credit on its account. Stellar paid Sheridan the amount owing for the merchandise purchased on March 1 Stellar paid Sheridan the amount owing for the merchandise purchased on March 21. 22 23 30 31 Additional information: Mar. 1 Sheridan's cost of the merchandise sold to Stellar was $4.000. 3 21 Sheridan's cost of the merchandise returned by Stellar was $511. As the merchandise was not damaged, it was returned to Sheridan's inventory. Sheridan's cost of the additional merchandise sold to Stellar Stores was $5.957. Sheridan's cost of the merchandise returned by Stellar was $255. As the merchandise was damaged, it was put in the recycling bin. 23 21 returned to Sheridan's inventory. Sheridan's cost of the additional merchandise sold to Stellar Stores was $5.957. Sheridan's cost of the merchandise returned by Stellar was $255. As the merchandise was damaged, it was put in the recycling bin. 23 Prepare Sheridan Wholesalers'journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales on account.) Credit Date Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.)