Merchandise Sales Journal Entries. Journalize each of the following transactions. a. On September 7, XYZ Company sold 400 widgets for $80 each, terms 2/10, n30. The widgets cost XYZ $60 each. b. On September 10, 40 widgets are returned because they were the wrong units. XYZ accepts the units and puts them back in inventory. c. On September 16, XYZ receives full payment due on the sale. d. Compute the following based on the sale above: Net Sales = Gross Profit =