AS 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 tor 46,600, with credit terne a/305 invoice dated April 1. The cost of the merchandisi $3,960. Apr. the customer in the April 1 male returned $740 ot nerehandise for full credit. The serchandise, which had cost $444, le returned to inventory Ape. B Sold merchandise for $2,000, with credit terms of 1/10, 1/30 Invoice dated April .. cost of the merchandise is $1,950 Apr. 11 Received payment for the amount due from the April 1 sale less the return on April .. View transaction lit Journal entry worksheet 1 2 3 4 5 6 7 Sold merchandise for $6,600, with credit terms 1/30 Note Enter debits before Date General Journal Debit Credit Apr 01