Sales Transactions

Journalize the following merchandise transactions, using the net method under a perpetual inventory system.

Question Content Area

a. Sold merchandise on account, $25,800 with terms 1/10, n/30. The cost of the goods sold was $15,480. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableAccounts ReceivableCashInventoryMiscellaneous ExpensePurchasesPurchases DiscountsPurchases Returns and Allowances	- Select -	- Select -
	CashCost of Merchandise SoldPurchasesPurchases DiscountsPurchases Returns and AllowancesSalesSales DiscountsSales Returns and Allowances	- Select -	- Select -
blank	Accounts PayableAccounts ReceivableCashCost of Goods SoldPurchasesPurchases Returns and AllowancesSalesSales Discounts	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashInventoryPurchasesPurchases Returns and AllowancesSales DiscountsSales Returns and Allowances	- Select -	- Select -

Question Content Area

b. Received payment less the discount. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableAccounts ReceivableCashCost of Merchandise SoldInventoryMiscellaneous ExpenseSalesSales Returns and Allowances	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashCost of Merchandise SoldPurchasesPurchases DiscountsPurchases Returns and AllowancesSales Returns and Allowances	- Select -	- Select -

Question Content Area

c. Refunded $160 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.