QS 5-10 (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. April 1 Sold merchandise for $5,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,120. April 4 The customer in the April 1 sale returned $600 of merchandise for full credit. The merchandise, which had cost $360, is returned to inventory. April 8 Sold merchandise for $2,100, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,470. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Sold merchandise for $5,200, with credit terms n/30. Note: Enter debits before credits. Date Apr 011 General Journal Debit Credit Next >