c. Paid for the inventory pure $4-7. Journalizing sales transactions (Learning Objective 4) 5-10 min. Journalize the following transactions for the Pool Palace, assuming the "net" methods used. Explanations are not required. a. Sold $81,000 of merchandise to Regal Spas, Inc., on account, terms 4/15, n/60; the merchandise cost the Pool Palace $44,500 b. Received payment for the goods from Regal Spas, Inc., within the discount period na Objective 4)