--16 Question 1 View Policies Current Attempt in Progress On January 2, Marx Ltd. sold merchandise on account to R. James for $47,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $30,500. On February 1, R. James gave Marx a five-month, 6% note in settlement of this account. On April 30, Marx's year-end, annual adjusting entries were made. On July 1, R. James paid the note and accrued interest. Prepare the journal entries for Marx to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation (To record sales) (To record cost of merchandise sold)