Sales Transactions

Journalize the following merchandise transactions:

a. Sold merchandise on account, $22,700 with terms 1/10, n/30. The cost of the merchandise sold was $13,620.

Sale	Accounts Receivable
	Sales
Cost	Cost of Merchandise Sold
	Merchandise Inventory

b. Received payment less the discount.

	Cash
	Accounts Receivable

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	Customer Refunds Payable
	Accounts Receivable
Inventory	Merchandise Inventory
	Cash