Knowledge Check 01 A buyer uses a periodic inventory system, and on December 5, it purchases $4,000 of merchandise on credit terms of 2/10,n/30. Complete the journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Dec. 5 4,000 Merchandise inventory Accounts payable 4,000 A seller uses a periodic inventory system, and on April 4, it sells $5,000 in merchandise on credit (when its cost is $2,400) to a customer on credit terms of 3/10, n/30. On April 5, the customer returns merchandise for a cash refund of $500. Complete the seller's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet A seller uses a periodic inventory system, and on April 4, it sells $5,000 in merchandise on credit (when its cost is $2,400) to a customer on credit terms of 3/10, n/30. On April 5, the customer returns merchandise for a cash refund of $500. Note: Enter debits before credits. General Journal Debit Credit Date Apr 05 Record entry Clear entry View general journal