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.
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Home » Business » 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.