QS 4-7 Recording sales-perpetual system LO P2 Prepare journal entries to record each of the following sales transactions of a merchandising company. Assume a perpetual inventory system. Apr. 1 Sold merchandise for $6,200, granting the customer terms of 2/10, EOM; invoice dated April 1 Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $700. The Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. The cost of the merchandise is $3,720. merchandise, which had cost $420, is returned to inventory. View transaction list Journal entry worksheet 2 4 Received payment for the amount due from the April 1 sale less the return on April 4 Note: Enter debits before credits. Date General Journal Debit Credit Apr 1 Cash Sales discounts Accounts receivable Record entry Clear entry View general journal