Knowledge Check 01 A seller uses a perpetual inventory system, and on April 17, a customer retums $1000 of merchandi: on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defect seller has not yet recelved any cash from the custorner. Complete the two journal entries to record the return transaction by solecting the account names fre entering the dollar amounts in the debit or credit columns. The first joumal entry is to record the rev the second journal entry is to record the cost part. Journal entry worksheet 3 Prepare the joumal entry is to record the revenue part of the transaction. Note: Friter debita thefore iredits. Knowledge Check or A seller uses a perpetual inventory system, and on April 17, a customer retums $1.000 of merch on April 13. The seller's cost of the merchandise returned wos $480. The merchandise is not det selier has not yet recelved any cash from the customer. Complete the two journal entries to record the return transaction by selecting the account name entering the dollar amounts in the debit or credit columns. The first joumal entry is to record the the second journal enty is to record the cost part. Journal entry worksheet Prepare the second foumal entry is to record the cost part. Hote: finder debits tagdore crodits. nowledge Check 01 seller uses a perpetual inventory system, and on April 18, a customer discovers that merchan he buyer decides to keep the defective merchandise and the seller allows a $15 price reductin tomplete the journal entry to record the allowance granted to the buyer by selecting the accol nd entering the dollar amounts in the debit or credit columns. Journal entry worksheet A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise previously purchased is defective. The buyer decides to keep the defective merchandise and the seller allows a $15 price reduction, paid in cash to the buyer. Notes Enter sfebits before credits