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QS 4-8 Recording sales, returns, and discounts taken LO P2 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 Apr. 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. Apr. The customer in the April 1 sale returned $568 of merchandise for full credit. The merchandise, which had cost $336, is returned to inventory. Apr. 8 Sold merchandise for $1,900, with credit terns of 1/10, 1/30; invoice dated April 8. Cost of the merchandise is $1,338. Apr. 11 Received paynent for the anount due from the April 1 sale less the return on April 4. View transaction lit Journal entry worksheet