4. On May 1, Iphelia Payne sold merchandise on account to Bailey for $80,000 terms 3/15, net 45. The cost of the merchandise to Iphelia Payne was $45,000. On May 4, Bailey returned merchandise with a sales price of $8,000 (cost to Iphelia Payne was $5,000). On May 13, Iphelia Payne received payment from Bailey for the balance due. Prepare the journal entries for Iphelia Payne to record the sale, the return of merchandise and the payment received. Date Description Debit Credit