Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual Inventory system 2. Sold merchandise on account, $12,900 with terms 2/10, 130. The cost of the goods sold was $7,740. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Cost of Goods Sold Inventory ack My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sales made in the first entry, accounts receivable and the sale are recorded to the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on and b. Received payment less the discount. If an amount box does not require an entry, leave it blank Cash Accounts Receivable c. Refunded $170 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. Sales Returns and Allowances X Cash Check My Wors (c) When a seller pays a refund the seller debits aliability account for the amount of the estimated refund that is paid to the customer