Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $19,600 with terms 2/10, n/30. The cost of the goods sold was $11,760. Sale Accounts Receivable Sales Cost Cost of Goods Sold 11.760 Inventory 11,760 b. Received payment less the discount. Cash Accounts Receivable c. Refunded $200 to customer for defective merchandise that was not returned. Customer Refunds Payable Cash