QS 5-18A Recording sales, returns, and discounts-periodic & gross methods LO P5 Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Apr. 1 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. Apr. 8 Sold merchandise for $1,000, with creditl terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April View transaction list Journal entry worksheet 2 3 4 5 6 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1