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a. Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,515. b. Received payment

a. Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,515. b. Received payment on December 31 within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.

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