21 3'6 For this exercise, you may complete your answer using the method presented on page 158-160 of your textbook or jounalize the entries. ,_l 4' i 51 . . 6,111 Illustrate the effects on the accounts and nancial statements of recording the following ; 784' uansactions: ' 9-1; a. Sold merchandise for cash, $62,500. The cost of the merchandise sold was 830,000. 1071L b. Sold merchandise on account, 927,800. The cost of the merchandise sold was $16,000. 7 11 ~ c. Sold merchandise to customers who used MasterCard and VISA, $287,500. The cost of the _ 12 - merchandise sold was $170,000