Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $20,950 with terms 2/10, n/30. The cost of the goods sold was $12,570. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 33 c. Refunded $240 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank