Journalize the following sales transactions for King Company. Explanations are not required. (Assume the company uses a perpetual inventory system.) st Apr. 1: King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer paid cash. King Company was running a promotion and the customer received a $20 award at the time of sale that can be used at a future date on any King Company merchandise. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Record debits first, then credits. Exclude explanations from journal entries.) Date Apr. 1 Accounts Debit Credit More info Apr. 1 King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer paid cash. King Company was running a promotion and the customer received a $20 award at the time of sale that can be used at a future date on any King Company merchandise. May 15 The customer uses the $20 award when purchasing merchandise inventory for $30. The cost of the inventory was $18. The customer paid cash