Sheridan Central had the following sales transactions in December. Dec. 4 Sold $4,800 of merchandise on account to Pharoah's Motors, terms 2/15, net 30. Cost $2,400. 7. Pharoah returned $1,800 of merchandise to Sheridan Central because he changed his mind and wanted to order a different type of engine. Cost $900. 16 Pharoah paid the balance owing to Sheridan Central. late Prepare the journal entries to record the sales transactions on the books of Sheridan Central using a periodic inventory system and the earnings approach for revenue recognition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)