accounting I

QS 5-8 Recording sales, returns, and discounts taken LO P2 Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $4,400, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2, 640. Apr. 4 The customer in the April 1 sale returned $520 of merchandise for full credit. The merchandise, which had cost $312, is returned to inventory. Apr. 8 Sold merchandise for $1,700, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1, 190. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet Sold merchandise for $4,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01