Journalize the following merchandise transactions. refer to the chart of accounts for exact wording of account titles. jan. 1 sold merchandise on account, $18,000 with terms 1/10, n/30, using the net method under a perpetual inventory system. the cost of the goods sold was $10,800.6 received payment less the discount.7 refunded $600 to customer for defective merchandise that was not returned.

Explanation:

The journal entries are shown below:

1. Account receivable A/c Dr $17,820

        To Sales revenue A/c $17,820

(Being the goods sold on credit)

The computation is shown below:

= $18,000 - $18,000 × 1%

= $18,000 - $180

= $17,820

2. Cost of goods sold A/c Dr $10,800

       To Merchandise inventory A/c  $10,800

(Being goods sold on cost)

3. Cash A/c Dr $17,820

         To Account receivable A/c $17,820

(Being cash is received)

4. Customer refund payable A/c Dr $600

          To Cash A/c $600

(Being the cash is refunded)

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