Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $12,800 with terms 1/10,n/30. The cost of the goods sold was $7,680. If an amount box does not requi entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. c. Refunded $260 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank