Journalize the following merchandise transactions: a. Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the merchandise sold was $12,600. Sale Cost b. Received payment within the discount period.

a. Accounts Receivable Debit $ 17,300

Sales Revenue Credit $ 17,300

To record sales on account

Cost of goods sold Debit $ 12,600

Inventory Credit $ 12,600

To record cost of goods of sales made

b. Cash Debit $ 16,954

Sales Discounts allowed Debit $ 346

Accounts Receivable Credit $ 17,300

Explanation:

The payment for the sales has been made within the discount period, it is calculated as under:

$ 17,300 * 2 % = $ 346