Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10, n/30. The cost of the merchandise sold was $47,200. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales - V Cost Cost of Merchandise Sold Merchandise Inventory Feedback Cash Feedback 78,600 X Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. Check My Work 8 E b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 88 Accounts Receivable 0 X

Journalize the following merchandise transactisns: Receivale and credaing Sales, A second entry records the cost of the menchandise seld with a debit ard merchundise inventory is cred ied b. Iteceived payment less the discount. If an amoumt box soes not requer an entry, kave a blank