- / 1 III Question 4 of 10 On January 2, Oak Ridge Ltd. sold merchandise on account to R. James for $47.000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $30,800. On February 1, R. James gave Oak Ridge a five-month, 6% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Oak Ridge's year end, annual adjusting entries were made. On July 1, R. James paid the note and any remaining interest. Prepare the journal entries for Oak Ridge to record the transactions only on the dates listed above. (List all debit entries before credit entries. 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 o for the amounts.) Debit Credit Date Account Titles and Explanation Jan 2 Feb. 1 Mar. 1 April 30 July 1 (To record sales) (To record cost of merchandise sold) Date Account Titles and Explanation Debit Credit (To record sales) To record cost of merchandise sold) : Jan 2 F. Mar. 1 Arvin