Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,250 with terms 2/10, 1/30. The cost of the merchandise sold was $7,9 Sale Accounts Receivable 7,950 X Sales Accounting numeric field Cost Cost of Merchandise Sold 7,950 Merchandise Inventory 7,950 Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise inventory is credited. b. Received payment less the discount. Cash Accounts Receivable 13,250 X