Explain your answer and explain how you got the answer for part 7.

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. April i Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. April 4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost $336, is returned to inventory. April 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330 April 11 Received payment for the amount due from the April 1 sale less the return on April 4. No Date General Journal Debit Credit 1 Apr 01 Accounts receivable 4,800 Sales 4,800 2 Apr 01 2,880 Cost of goods sold Merchandise inventory 2,880 3 Apr 04 Sales returns and allowances 560 lol Accounts receivable 560 4 Apr 04 336 Merchandise inventory Cost of goods sold OO 336 om 5 Apr 08 Accounts receivable 1,900 Sales 1,900 6 Apr 08 1,330 Cost of goods sold Merchandise inventory 1,330 7 Apr 11 Cash 6,440 X Accounts receivable 6,440