TIL Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $26,600 with terms 1/10, 1/30. The cost of the goods sold was $15,960. If an amount box does not require an entry leave it blank. IL 10 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. c. Refunded $310 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. Previous Next > ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=Binprogress=false Calculator Print Item Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise (Invoice Amount) Freight Paid by Seller Returns and Allowances (Invoice Amount) $1,250 a. $8,400 $100 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 b 4,100 500 1,000 a. S