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PROBLEM 4: The Comet Company, Inc. uses the perpetual inventory system. Their credit terms are 2/10, n/30. They sell one product at a price of $500 and it costs Comet $300 Requirement: Prepare journal entries for the Comet Company, Inc. for the transactions listed below. On May 1, Comet sold 10 items of merchandise inventory to J. Miller on account. On May 2, Comet collected $23,520 cash from customer sales on credit in the prior month, all within the discount period. On May 3, Comet sold 5 items of merchandise to S. Wendell on account. On May 9, Comet receives payment from S. Wendell on the May 3 sale. On May 12, Comet receives payment from J. Miller on the May 1 sale On May 14. S. Wendell returns one of the items purchased on May 3 for a cash refund because it was defective