Highland, Inc. entered into the transactions listed below. In the journal provided, prepare Highland’s entries, assuming use of the perpetual inventory system. Omit explanations.Mar. 2Purchased $450 of merchandise on credit, terms n/30. 6Returned $75 of the items purchased on March 2. 8Paid freight charges of $25 on the items purchased March 2.16Sold merchandise on credit for $600, terms n/15. The merchandise had a cost in inventory of $375.17Of the merchandise sold on March 16, $50 of it was returned. The items had cost to Highland of $15.25Received payment in full from the customer of March 16.31Paid for the merchandise purchased on March 2.General JournalPage 1DateDescriptionPost.Ref.DebitCredit