Chapter &Homas Home Insert Draw Layout Review View Due Date: October 10, 2017 CHAPTER 4 1. Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Apr. 1 Sold merchandise for $3,000, with credit terms n/30: invoice dated April 1. Apr. 4 The customer in the April 1 sale retuned $300 of merchandise for full credit Apr. Apr. 11 Received payment for the amount due from the April 1 sale less the return on The cost of the merchandise is $1,800 The merchandise, which had cost $180, is returned to inventory April 8. Cost of the merchandise is $700 April 4 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated