Baker Co. uses a perpetual inventory and the net method to record sales. Prepare the required journal entries for the following transactions. Omit explanations. November 15 Sold merchandise for $750 terms 4/15, n/60. The merchandise has a cost of $600. December 5 Collected the cash from the sale on November 15. 20 Sold merchandise for $900 terms 5/10, n/30. The merchandise has a cost of $700. 27 Collected the cash from the sale of December 20.