ts Skipped Prepare journal entries to record the transactions assuming a periodic inventory system. April 5 Sold merchandise to a customer for $7,200; terms 2/10, n/30 (cost of sales $4,480). 7 Made a cash sale of $5,500 of merchandise to a customer today (cost of sales $3,460). 8 Sold merchandise for $12,800; terms 2/10, n/30 (cost of sales $7,840). May 15 Collected the amount owing from the credit customer of April 5. 4 The customer of April 8 paid the balance owing.