Sales-related transactions using perpetual inventory system Instructions Chart of Accounts Journal Instructions the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,300, terms FOB destination. 1/10, n/30. The cost of the goods sold was $14,120. 3 Sold merchandise for $12,200 plus 6% sales tax to retail cash customers. The cost of the goods sold 4 was $6,930. Sold merchandise on account to Empire Co., $58,930, terms FOB shipping point, n/eom. The cost of the goods sold was $32,340. 5 Sold merchandise for $30,400 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $20,610. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 16 16 Sold merchandise to customers who used American Express cards, $15,040. The cost of the goods sold was $7,570. Sold merchandise on account to Targhee Co., $29,900, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $17,360. 18 Issued credit memo for $4,900 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,670.