Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and

Question:

Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, End of Month; invoice dated April 1. The cost of the merchandise is$1,400.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost$350, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

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