Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $25,800 with terms 2/10, 1/30. The cost of the merchandise sold was $15,480. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount Cash Accounts Receivable c. Issued a credit time for returned merchandise that was sold for $10.400 terms 1/30. The cost of the merchandise returned was $6.240 Refund Cost of Merchandise Sold Accounts Receivable Inventory Merchandise Inventory Purchases Returns and Allowances