The following information is available for Juliet Hotel Supplies Ltd. regarding a recent contract with a customer: 

Selling price .......................................................................... $5,000 

Estimated returns ....................................................................  500

Amount of available cash discount .........................................  90 

Cost of goods sold .................................................................3,250 

Estimated inventory returns ...................................................325 

The performance obligation was completed on April 6, 2024. Prepare the journal entries to recognize the revenue from this contract assuming that Juliet Hotel Supplies uses the contract-based approach to recognize revenue and that management estimates that the customer will most likely pay within the discount period.