1. Prepare the journal entries to record the following transactions using a perpetual inventory system. April 5 - Purchased merchandise on account from for $40,000, terms 2/10, net/30. April 8 Sold $100,000 on account of merchandise, credit terms 2/20, n/40. The cost of the merchandise sold was $75,000. April 9 Returned merchandise purchased $2,000, for purchases made in April 5. April 14 - Paid the net amount due for April 5 purchases April 15 Received merchandise returns $5,000, for sales made in April 8. The cost of the merchandise sold was $1,500. April 20 - Received the net amount due for April 8 sales