Journalize the following merchandise transactions: a. Sold merchandise on account, $19,900 with terms n/30. The cost of the goods sold was $11,940. If an amount box does not require an entry, leave it blank. 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. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. b. Received payment. If an amount box does not require an entry, leave it blank. Fectback Check My Work b. Since there is no early payment discount offered, the amount received is the full amount in the Accounts Receivable for that customer. c. Refunded $240 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. Feedback Check My Work c. When a seller pays a refund, the seller debits a liability account for the amount of the estimated refund that is paid to the customer