QS 5-8 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. Apr. 1 Sold merchandise for $4,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,400. which had cost $288, is returned to inventory. Apr. 8 Sold merchandise for $1,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,050. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. Journal entry worksheet 2 3 4 5 6 7 The cost of the merchandise is $2,400. Note: Enter debits before credits. General Journal Debit Credit Date Apr 01 Journal entry worksheet