e e 512 sale of merchandise: return-perpetual LO3 prepare journal entries to record each of the following transactions of a merchandising company. Show pend supporting calculations. Assume a perpetual inventory system. A. 1 sold merchandise for $2,000, granting the customer terms of 2/10. EOM. The cost of the merchandise was $1,400. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, was retumed to inventory. 11 Received payment for the amount due resulting from the April 1 sale, less the return and applicable discount