IV. Prepare journal entries to record the following transactions for a merchandising company. Assume a perpetual inventory system. (14%, 2% each entry) Apr. 1 Sold merchandise for $5,000, granting the customer terms of 2/10, EOM; invoice dated Apr. 1. The cost of the merchandise is $3,000. 2 Sold Merchandise that had cost $1,700 for $2,100 cash. 4 The customer in the Apr. 1 sale returned merchandise and received credit for $1,000. The merchandise, which had cost $600, is returned to inventory. 11 Received payment for the amount due from the Apr.1 sale less the return on Apr. 4.