On April 3, Parker Company sold $45,000 of merchandise on account to Milton Corporation, terms 5/10, n/30, FOB shipping point. Parker's cost of sales for this merchandise was $37,000. The merchandise left Parker's facility on April 4 and arrived at Milton on April 10. Milton paid the invoice for the merchandise on April 11. Read the requirements. Requirement 1. Prepare the journal entries for Parker Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Milton Corporation. Assume that Milton Corporation takes the discount if payment is within the discount period. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry for the sale of the merchandise. (Do not record the cost of the sale, we will do that in the next step.) Date April 4 Journal Entry Accounts Debit Credit