Journalize the transactions using a perpetual imventory system. (Credit account titles are automatically indented when amount is (To record cash sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Enter the beginning cash and share capital-ordinary balances, and post the transactions. (Post entries in the order of journal entries presented in the previous part.) (To record credit sale) (To record cost of merchandise sold) Share Capital-Ordinary No. 30 \begin{tabular}{|cccc|} \hline Date & Explanation & Ref. & Debit \\ \hline & Balance & & \\ \hline \end{tabular} Sales Revenue No. 40 Sales Returns and Allowances No. 41 Sales Discounts No. 41 \begin{tabular}{|c|c|c|c|} \hline Date & Explanation & Ref. & Debit \\ \hline & & J1 & \\ \hline \end{tabular} Cost of Goods Sold No. 50 Date Explanation Ref. J1 J1 J1 J1 Credit Credit Credit Debit Prepare the income statement through gross profit for the month of April 2020. WILDHORSE DISTRIBUTORS Income Statement (Partial) Wildhorse Distributors completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Wildhorse showed Cash of 9,500 and Share Capital-Ordinary of 9,500. Apr. 2 Purchased merchandise on account from Walker Supply 66,300 , terms 1/10,n/30. 4 Sold merchandise on account 5,900, FOB destination, terms 1/10,n/30. The cost of the merchandise sold was 4,400. 5 Paid 6250 freight on April 4 sale. 6 Received credit from Walker Supply for merchandise returned 200. 11 Paid Walker Supply in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash 4,300. 16 Received refund from supplier for returned goods on cash purchase of April 14, 6640 . 18 Purchased merchandise from Benjamin Glassware 62,900 , FOB shipping point, terms 2/10,n/30. 20 Paid freight on April 18 purchase 220. 23 Sold merchandise for cash 8,100. The merchandise sold had a cost of 5,800. 26 Purchased merchandise for cash 3,500. 27 Paid Benjamin Glassware in full, less discount. 29 Made refunds to cash customers for defective merchandise 80. The returned merchandise had a fair value of 40. 30 Sold merchandise on account 3,000, terms n/30. The cost of the merchandise sold was 2,300. Wildhorse chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out