Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method. May 1 Sold merchandise for $920, with credit terms n/60. The cost of the merchandise is $560. May 9 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $72 to compensate for the defects. June 4 The customer in the May 1 sale returned $155 of merchandise for full credit. The merchandise, which had cost $82, is returned to inventory. June 30 Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return. View transaction list Journal entry worksheet 1 2 3 4 5 6 > Sold merchandise for $920, with credit terms 1/60. Note: Enter debits before credits. General Journal Debit Credit Date May 01 Record entry Clear entry View general journal Journal entry worksheet The cost of the merchandise is $560. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal Journal entry worksheet The merchandise, which had cost $82, is returned to inventory. Note: Enter debits before credits. Date General Journal Debit Credit Jun 04 Record entry Clear entry View general journal Journal entry worksheet