SalesTransactions

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

a.Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank.

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

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c.Refunded $430 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

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