Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $16,600 with terms 1/10, n/30. The cost of the goods sold was $9,960. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank.. c. Refunded $420 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.