S 4-27A (Algo) Periodic: Recording sales, returns, and discounts 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 fleld.) April 1 Bold merchandise for $7,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise in $4,200. April 4 The customer in the April 1 aale returned $780 of marchandise for full credit. The merchandise, which had cost $468, is returned to inventory. April 8 Sold merchandise for $3,000, with credit terms of 1/10, n/30; invoice dated April a. Cost of the merchandise is $2,100. April 11 Received payment for the amount due from the April 1 sale less the return on ril 4, View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $7,000, with credit terms 5/30; Invoice dated April 1. Note: Enter debits before credits Date Apr 01 General Journal Debit Credit