a.	Sold merchandise on account, $14,800, with terms 2/10, net 30 on December 26. The cost of the goods sold was $9,620.
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.

a Sold merehandise on aocount, 914,800 , with terms 2710. net 30 an December 20 . The eost of the anods sold was 30,620. b. Received payment on December 91 within the discount perfod. Required Jounalize the above merchandise transactons. The sompany uses the perpetual inventory system. Refer to the Chart of Accounis for exaot wording of acoount tilles 110 Cash REVENUE 120 Accounts Receivable 410 Sales 125 Notes Receivable EXPENSES 130 Merchandise inventory 510 Cost of Merchandise Sold 131 Estimated Returns inventory 521 Delivery Expense 140 Supplies 522 Advertising Expense 142 Prepaid Insurance 523 Depreciation Expense 180 Land 526 Salaries Expense 190 Equipment 531 Rent Expense 191 Accumulated Depreciation 533 Insurance Expense 534 Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 560 Miscellaneous Expense 216 Salaries Payable 710 interest Expense 221 Sales Tax Payable 222 Customers Refunds Rayable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stook JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREOIT ASSETS LLABIUTIES EQUITY