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. Sold merchandise for $2.000. granting the customer terms of 2/10. EOM. The cost of the merchandise was $1,400. The customer in the Apni 1 sale retumed merchandise and received credit for $500. The merchandise, which had cost $350, was returned to inventory. Received payment for the amount due resulting from the April 1 sale. less the return and applicable discount. on Apni 4