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$$QS $4-10($Algo$)$ Recording sales and returns, with credit terms LO P$2$

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpet inventory system and the gross method.

April $1$ Sold merchandise for $$3,200,$ with credit terms $\frac{n}{30}$; invoice dated April $1.$ The cost of the merchandise is $$1,920.$

April $4$ The customer in the April $1$ sale returned $$400$ of merchandise for full credit. The merchandise, which had cos $$240,$ is returned to inventory.

April $8$ Sold merchandise for $$1,100,$ with credit terms of $\frac{1}{10},\frac{n}{30}$; invoice dated April $8.$ Cost of the merchandise is $$770.$

April $11$ Received payment for the amount due from the April $1$ sale less the return on April $4.$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

Part $1$: sold merchandise for $$3200,$ with credit terms n$/30.$

Part $2$:The cost of the merchandise is $$1,920.$

Part$3$: the customer in the april $1$ sakes returned $$400$ of merchandise gor full credit.

Part $4$: the merchandise, which had cost $$420,$ is teturned to inventory.

Part $5$: sold merchandise for $$1,100,$ with credig terms of $1/10,$n$/30.$

Part $6$: cost of the merchandise is $$770.$

Part $7$; received payment for the amount due for April $1$ sales less the return on april $4.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$April $01,,,],[,,,],[,,,],[,,,],[,,,]]$