Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Jan. 1 Sold merchandise on account, $75,650 with terms 1/10, n/30, using the net method under a perpetual inventory system. The cost of the goods sold was $44,450. 6 Received payment less the discount. 7 Refunded $700 to customer for defective merchandise that was not returned