Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500.Mar 9 Received payment less the discount. March 13 Issued a credit memo for returned merchandise that was sold for $2,300 terms n/30. The cost of the merchandise returned was $1,600.