On April 3, Redstone Company sold $20,000 of merchandise on account to Helton Corporation, terms 4/10, n/30, FOB shipping point. Redstone's cost of sales for thi merchandise was \$12,000. The merchandise left Redstone's facility on April 4 and arrived at Helton on April 10. Heston paid the invcice for the merchandise on April 11. Read the Requirement 1. Prepare the journal entries for Redstone Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment trom Helton Corporation. Assume that Helton Corporation takes the discount if payment is within the discount period. (Use the gross mathod to record the sales tratsactions Record debits first, thet credits. Exclude explanations from any foimal entries.) Prepare the journat entry for the sale of the merchandite. (Do not rocord the cost of the sale, we will do that in the next step.) Requirements 1. Prepare the journal entries for Redstone Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Helton Corporation. Assume that Helton Corporation takes the discount if payment is within the discount period. 2. Indicate which company (Redstone or Helton) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 c. April 10 (Assume that Redstone Company uses the gross method of recording sales discounts.)