BE8.3 (LO 1) Record the following transactions on the books of Hernan Ltd., which uses a perpetual inventory system. Hernans expected rate of return on sales is 4%. Sold $26,000 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hernan $18,000. On May 3, merchandise with a selling price of $980 was returned by Valez. The goods had a cost of $680 and they were restored to inventory. On May 26, Valez paid its account. Prepare subsidiary ledger.