Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $16,100 with terms 2/10, n/30. The cost of the goods sold was $9,660. Sale Accounts Receivable Sales Cost of Goods Sold Cost Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made In the first entry, accounts receivable and the sale are record less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand Learning Objective 2 b. Received payment less the discount. Cash Accounts Receivable