Based on the information below:
a. Seller sold merchandise on account to the buyer, $4,750, terms n/30, FOB shipping point. The cost of the
merchandise is $2,850. The seller prepays the freight of $75.
b. Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420.
c. Buyer pays the balance owed for the purchase.
Journalize the entries for the Seller using a perpetual inventory system. If no entry is required, select "No entry
required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
a
Journalize the entries for the Buyer using a perpetual inventory system. If no entry is required, select "No entry
required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
a