Question 4 of 10 > View Policies Current Attempt in Progress On January 2. Elkhardt Ltd. sold merchandise on account to R. James for $47,000, termsn/30. The company uses a perpetual inventory system and the merchandise originally cost $30,800. On February 1, R. James gave Elkhardt a five-month, 6% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Elkhardt's year end, annual adjusting entries were made on July 1, R. James paid the note and any remaining interest. Prepare the journal entries for Elkhardt to record the transactions only on the dates listed above. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Tities and Explanation (To record sales) (To record cost of merchandise sold) (To record sales) (To record cost of merchandise sold) L