Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the

gross method and a periodic inventory system.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

April $1$ Sold merchandise for $$6,800,$ with credit terms $\frac{n}{30}$; invoice dated April $1.$ The cost of the merchandise is $$4,080.$

April $4$ The customer in the April $1$ sale returned $$760$ of merchandise for full credit. The merchandise, which had cost $$456,$ is

returned to inventory.

April $8$ Sold merchandise for $$2,900,$ with credit terms of $\frac{1}{10},\frac{n}{30}$; invoice dated April $8.$ Cost of the merchandise is $$2,030.$

April $11$ Received payment for the amount due from the April $1$ sale less the return on April $4.$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

Sold merchandise for $$6,800,$ with credit terms $\frac{5}{30}$; invoice dated April $1.$

Note: Enter debits before credits.