Page 19 OS 5-8 Recording sales, returns, and discounts taken p2 Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit terms 1230; invoice dated April 1. The cost of the merchandise is $1,800. The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. Sold merchandise for $1,000, with credit terms of 1/10, 1/30; invoice dated April 8. Cost of the merchandise is $700. Received payment for the amount due from the April 1 sale less the return on April 4. 4 8 11