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eBook Show Me How Print Item Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual Inventory system a. Sold merchandise on account, $25,350 with terms 2/10, 1/30. The cost of the goods sold was $15,210. If an amount box does not require an entry, leave it blank Accounts Receivable Sales Cost of Goods Sold Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made in the first entry, accounts receivable and the sale are recorded, less the discount second entry records the cost of the merchandise sold and the reduction of inventory on hand b. Received payment less the discount. If an amount box does not require an entry leave it blank. Cash 88 Accounts Receivable Foodback Accounts Receivable Feedback Check My Wor (b) The exercise assumes the invoice will be paid within the discount period, so the seller records the sale at the discounted amount 1 c. Refunded $430 to customer for defective merchandise that was not retumed. If an amount box does not require an entry, leave it blank Customer Refunds Payable 88 Cash Feedback Check My Work (c) When a seller pays a refund, the setier debits a liability account for the amount of the estimated refund that is paid to the customer Feedback Check My Work Partially correct Previous Next > Check My Work