Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system. April 1 Sold merchandise for $7,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,200. April 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cost $468, is returned to inventory. April 8 Sold merchandise for $3,000, with credit