O MERCHANDISING ACCOUNTING Seller's retail entries: Problem type 1 Journalize the following transactions for Williams Company. Assume a perpetual inventory system. Also, assume a constant gross, profit ratio for all terms sold. Make sure to enter the day for each separate transaction. January 8 Sold goods costing $8,400 to Martinez Company for cash, $14,000 January 14 Martinez Company returned undamaged merchandise, purchased on January 8, for a cash refund, $1,270, Date Account Title Debit Credit