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. 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 r b. Received payment. If an amount box does not require an entry, leave it blank. Feedback 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