Recordin a perpetual inventory system. discount: Sep. 15 Purchased merchandise with an invoice price of $35,000 and credit terms of 2/5, n/15. 29 Paid supplier the amount owed on the September 15 purchase. P1 QS 4-8 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. Recordir and disc 1 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. 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. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. 11 Apr. P2 Received payment for the amount due from the April 1 sale less the return on April 4. Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). QS 4-9 Accour perpet Merchandise inventory $ 37,800 Sales returns and allowances $ 6,500 .... .... P3 Retained earnings Cost of goods sold.. 115,300 ..... 105,000 Dividends 7,000 Depreciation expense 10,300 Sales. 160,200 Salaries expense Sales discounts