QS 5-12Sale of merchandise: return-perpetual LO3 Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Apr. 1 Sold merchandise for $2,000. granting the customer terms of 2/10, EOM. The cost of the merchandise was $1,400. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, was returned to inventory. 11 Received payment for the amount due resulting from the April 1 sale, less the return and applicable discount, on April 4