A retailer uses a perpetual inventory system. On March 1st, it reported $14,240 in sales to a customer on terms of FOB shipping point 4/10 net 30. The cost of inventory sold was $8,544. The first entry requires a debit to a credit to for (dollar amount without dollar sign ($) or comma, e.g. 15000) an The second entry requires a debit to and a credit to for (dollar amount without dollar sign ($) or comma, e.g. 15000) On March 2, the relevant party paid $250 for delivery of the inventory to the customer for March 1 transaction. Would the retailer make a journal entry? If an entry is required, the retailer would debit and credit The customer returned $1,140 of inventory on March 3. The original cost of the items was $684 which was returned to stock for resale. The first entry requires a debit to a credit to The second entry requires a debit to . and a credit to The customer paid the amount owing to the retailer on March 12th. The journal entry requires a debit to Cash for (dollar amount without dollar sign ($) or comma, e.g. 15000) and a debit to The retailer would credit for (dollar amount without dollar sign ($) or comma, e.g. 15000)