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.

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To record the merchandising transactions using the gross method and a periodic inventory system, we will prepare journal entries for each transaction.

### April 1
**Transaction:** Sold merchandise for $$ \$ 6,290 $$ on credit; cost of merchandise is $$ \$ 3,729 $$.

**Journal Entry:**
1. **Debit** Accounts Receivable $$ \$ 6,290 $$
2. **Credit** Sales Revenue $$ \$ 6,290 $$
3. **No entry for cost of goods sold in periodic system.**

### April 4
**Transaction:** Customer returned merchandise worth $$ \$ 790 $$; cost of returned merchandise is $$ \$ 428 $$.

**Journal Entry:**
1. **Debit** Sales Returns and Allowances $$ \$ 790 $$
2. **Credit** Accounts Receivable $$ \$ 790 $$
3. **Debit** Inventory $$ \$ 428 $$
4. **Credit** Cost of Goods Sold $$ \$ 428 $$ (Note: In a periodic system, this is typically not recorded until the end of the period, but for clarity, we include it here.)

### April 8
**Transaction:** Sold merchandise for $$ \$ 2,609 $$ on credit; cost of merchandise is $$ \$ 1,829 $$.

**Journal Entry:**
1. **Debit** Accounts Receivable $$ \$ 2,609 $$
2. **Credit** Sales Revenue $$ \$ 2,609 $$
3. **No entry for cost of goods sold in periodic system.**

### April 11
**Transaction:** Received payment for the amount due from the April 1 sale less the return on April 4.

**Calculation of Amount Due:**
- Original Sale: $$ \$ 6,290 $$
- Less Return: $$ \$ 790 $$
- Amount Due: $$ \$ 6,290 - \$ 790 = \$ 5,500 $$

**Journal Entry:**
1. **Debit** Cash $$ \$ 5,500 $$
2. **Credit** Accounts Receivable $$ \$ 5,500 $$

### Summary of Journal Entries
1. **April 1:**
   - Debit Accounts Receivable $$ \$ 6,290 $$
   - Credit Sales Revenue $$ \$ 6,290 $$

2. **April 4:**
   - Debit Sales Returns and Allowances $$ \$ 790 $$
   - Credit Accounts Receivable $$ \$ 790 $$
   - Debit Inventory $$ \$ 428 $$
   - Credit Cost of Goods Sold $$ \$ 428 $$

3. **April 8:**
   - Debit Accounts Receivable $$ \$ 2,609 $$
   - Credit Sales Revenue $$ \$ 2,609 $$

4. **April 11:**
   - Debit Cash $$ \$ 5,500 $$
   - Credit Accounts Receivable $$ \$ 5,500 $$

These entries reflect the transactions accurately under the gross method and periodic inventory system.
**Journal Entries:** 1. **April 1:** - Debit: Accounts Receivable $$ \$6,290 $$ - Credit: Sales Revenue $$ \$6,290 $$ 2. **April 4:** - Debit: Sales Returns and Allowances $$ \$790 $$ - Credit: Accounts Receivable $$ \$790 $$ - Debit: Inventory $$ \$428 $$ - Credit: Cost of Goods Sold $$ \$428 $$ 3. **April 8:** - Debit: Accounts Receivable $$ \$2,609 $$ - Credit: Sales Revenue $$ \$2,609 $$ 4. **April 11:** - Debit: Cash $$ \$5,500 $$ - Credit: Accounts Receivable $$ \$5,500 $$

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