Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. April 1 Sold merchandise for \( \$ 6,290 \), with credit terms \( n / 30 \); invoice dated April 1 . The cost of the merchandise is \( \$ 3,729 \). April 4 The customer in the April 1 sale returned \( \$ 790 \) of merchandise for full credit. The merchandise, which had cost \( \$ 428 \), is returned to inventory. April 8 Sold merchandise for \( \$ 2,609 \), with credit terms of \( 1 / 10, \mathrm{n} / 30 \); invoice dated April 8 . Cost of the merchandise is \( \$ 1,829 \). April 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Here are the journal entries for the merchandising transactions outlined: **April 1** - **Debit** Accounts Receivable: $6,290 - **Credit** Sales Revenue: $6,290 - **Debit** Cost of Goods Sold: $3,729 - **Credit** Inventory: $3,729 **April 4** - **Debit** Sales Returns and Allowances: $790 - **Credit** Accounts Receivable: $790 - **Debit** Inventory: $428 - **Credit** Cost of Goods Sold: $428 **April 8** - **Debit** Accounts Receivable: $2,609 - **Credit** Sales Revenue: $2,609 - **Debit** Cost of Goods Sold: $1,829 - **Credit** Inventory: $1,829 **April 11** - **Debit** Cash: $5,500 - **Credit** Accounts Receivable: $5,500 *Note:* The cash received on April 11 is calculated as follows: $6,290 (sale on April 1) - $790 (return on April 4) = $5,500. The transaction does not take into account any discounts as the payment was made within the credit terms.