Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,800 with terms n/30. The cost of the goods sold was $16,680. If an amount box does not require an entry, leave it blank. b. Received payment. If an amount box does not require an entry, leave it blank.. c. Refunded $490 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.