Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,400 with terms 1/10, n/30. The cost of the merchandise sold was $12,240. Sale Cost b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10,600 terms n/30. The cost of the merchandise returned was $6,360. Refund Inventory