Snowwvic how Print Item Sales transactions Instructions Chart of Accounts Journal Instructions Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles Jan 1 Sold merchandise on account, $74,200 with terms 1/10, n/30, using the net method under a perpetual inventory system. The cost of the goods sold was $44,600. 6 Received payment less the discount. 7 Refunded $500 to customer for defective merchandise that was not returned