L Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and perpetual inventory system May 1 Purchased merchandise with a price of $1,160 and credit terms of V30 May 31 Paid the noont due from the May 1 purchase, minus the May 7 return Hoy Returned merchandise that had price of $280. 10451 View transaction Journal entry worksheet Purchased merchandise with a price of $1,160 and credit terms of 30 enterer Det General Journal May 01 Credit Viwwertjournal Record entry Clear entry 4 Prepare your entries to record each of the following sales transactions of merchandising company. The companyies per Inventory system and the gross method Art Sold merchandise for $6.credit terus nice dated April 1. The cast at the merchandise 33,960 Arit 4 The customer in the April 1 se returned 740 of merchandise for full credit. The merch without 5444, is returned to inventory derit sold serchandise or 52.600 with credit terms of 1/10, vice des Arts. Cost at the chaise 151.960. April 11 leceived yet for the incon due from the April 1 sale less the return on April 4 View transaction Journal entry worksheet Det Cred Du Ar 01 Racord entry Clear entry Per 14