Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $18,000 with terms n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Cast of Goods Sold Inventory Feedback Cash Feedback Accounts Receivable 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 recorded. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. b. Received payment. If an amount box does not require an entry, leave it blank, Accounts Payable Cash Feedback 27,800 X 16,680 X Xx 27,800 X 27,800 X Check My Work b. Since there is no early payment discount offered, the amount received is the full amount in the Accounts Receivable for that customer. THE 16.680 X c. Refunded $600 to customer for defective merchandise that was not returned If an amount box does not require an entry, leave it blank. 490 X 27,800 X 490 X

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