Sales transactionJournalize the following merchandise transaction using the net method under a perpetual inventory system.A . Sold merchandise on account $18,000 with terms 1/10, and/30. Because of the goods sold was $10,800. If an amount box does not require an entry leave it blank.B. Received payment less the discount. If an amount box does not require an entry, Leave it blank.See. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. **Sales Transactions**Journalize the following merchandise transactions, using the net method under a perpetual inventory system.**a.** Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank.[Transaction entry boxes, not filled]**b.** Received payment less the discount. If an amount box does not require an entry, leave it blank.[Transaction entry boxes, not filled]**c.** Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.[Transaction entry boxes, not filled]

Name: Sales transactionJournalize the following merchandise transaction usin
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Description: Sales transactionJournalize the following merchandise transaction using the net method under a perpetual inventory system.A . Sold merchandise on account $18,000 with terms 1/10, and/30. Because of the goods sold was $10,800. If an amount box does n

Discount = Net sales x discount rate = $18,000 x 1% = $180

Answered: Sales transaction Journalize the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Sales transaction Journalize the following merchandise transaction using the net method under a perpetual inventory system. A . Sold merchandise on account $18,000 with terms 1/10, and/30. Because of the goods sold was $10,800. If an amount box does not require an entry leave it blank. B. Received payment less the discount. If an amount box does not require an entry, Leave it blank. See. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

**Sales Transactions**

Journalize the following merchandise transactions, using the net method under a perpetual inventory system.

**a.** Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank.

[Transaction entry boxes, not filled]

**b.** Received payment less the discount. If an amount box does not require an entry, leave it blank.

[Transaction entry boxes, not filled]

**c.** Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

[Transaction entry boxes, not filled]

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