QS 4-8 (Algo) Recording sales, returns, and discounts taken LO 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 $7,200, with credit terms w/30; Invoice dated April 1. The cost of the nerchandise 18 $4,320. Apr. 4 The customer in the April 1 sale returned $800 of merchandise for full credit. The merchandise, which had cost $480, is returned to inventory. Apr. 3 Sold merchandise for $3,100, with credit terms of 1/10, 1/30; Invoice dated April 8. Cost of the merchandise is $2,170. Apr. 11 Received payment for the amount due from the Apena 1 sale lose the return on April 4. View transaction list Journal entry worksheet 2 3 4 5 Sold merchandise for $7,200, with credit terms /30. Note: Enter debits before credits Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet The cost of the merchandise is $4,320. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet The merchandise, which had cost $480, is returned to inventory. Note: Enter debits before credits. Date General Journal Debit Credit Apr 04 Record entry Clear entry View general journal Journal entry worksheet Sold merchandise for $3,100, with credit terms of 1/10, n/30. Note: Enter debits before credits. Date General Journal Debit Apr 08 Credit Record entry Clear entry View general journal Journal entry worksheet