sold merchandise on account $71,350 with terms 1/10, n/30

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Jan. 1 Sold merchandise on account, $71,350 with terms 1/10,n/30, using the net method under a perpetual inventory system. The cost of the goods sold was $42,750. Received payment less the discount Refunded $700 to customer for defective merchandise that was not returned. 6 7