Your answer is partially correct. Try again. Alikhan Co. sold merchandise on account to Emerald Co. for $50,000, terms 1/30, on April 1, 2014. Alikhan uses a perpetual Inventory system and the merchandise had a cost of $30,000. On June 1, 2014, Emerald gave Alikhan a six-month, 79 promissory note in settlement of the account. Interest is to be paid at maturity. On December 1, Emerald paid the note and accrued interest Record the above transactions for Alikhan Co. Alikhan Co. has a July 31 fiscal year end and adjusts its accounts annually. (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. Round answers to decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Apr. "Accounts Receivable - Emerald T 50000 T Sales 50000 (To record sale of merchandise on account) Apr. 1Cost of Goods Sold 3000 T 30000 Merchandise Inventory (To record cost of merchandise sold) June 1 Notes Receivable - Emerald T 50000 CALCULATOR FUL (To record cost of merchandise sold) June 1T Notes Receivable - Emerald June 50000 Accounts Receivable - Emerald T -9-9- 50000 July 31 T Interest Receivable July 2M Interest Revenue Dec. 1 Cash 51750 Notes Receivable X-9- 50000 Interest Revenue Interest Receivable