QS 5-22C Recording sales, returns, and discounts-net & perpetual methods LO P7 Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.

Apr. 1 Sold merchandise for $6,600, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of merchandise for full credit. The merchandise, which had cost $444, is returned to inventory. Apr. 8 Sold merchandise for $2,800, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,960. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.