LO3. How are sales of merchandise inventory recorded in a perpetual inventory system? Using the perpetual system, Journalize for: a) the sale of merchandise inventory of $1,000 on account with the terms of 2/10 or n/30. Cost of goods sold is $550; b) the customer makes payment within the discount period. a) Date Accounts and Explanation Debit Credit LO4. What are the adjusting and closing entries for a merchandiser? Name five accounts that a merchandiser might have on the adjusted trial balance that needs to be closed out that a service business does not have on an adjusted trial balance: a)