Problem XIV: Baker Co. uses a perpetual inventory and the net method to record sales. Prepare the required journal entries for the following transactions. Omit explanations. November 15 Sold merchandise for $750 terms 3/20, n/60. The merchandise has a cost of $300. December 5 Collected the cash from the sale on November 15. 20 Sold merchandise for $900 terms 1/5, n/15. The merchandise has a cost of $400. 27 Collected the cash from the sale of December 20. Date Accounts Title and Explanation Ref. Debit Credit