The following dashboard shows transactions for a merchandiser. The merchandiser uses a perpetual inventory system and the gross method. Prepare the Seller's journal entries to record the following transactions. January 1 sold 70 units of inventory for $5 per unit (invoice total: $350 ) under credit terils 2/10, n/6e. The gerchandise had cost $140. January 3 Received 20 units returned from the January 1 sale, as the customer felt it had too many units in inventory. The merchandiser restored the 28 units, which had cost $40, to inventory. January 4 Granted a price reduction (allowance) to the customer for units that were discovered to be scratched. The merchandiser credits the customer's accounts receivable for $50 to compensate for the damage. January 11 Received payment from the customer for the anount owed on the January 1 sale, less returns, allowances, and any discounts