Question: 2) Based on the information below, journalize the entries for the seller and the buyer. Both use a perpetual inventory system. (a) Seller sold merchandise

2) Based on the information below, journalize the entries for the seller

Based on the information below, journalize the entries for the seller and the buyer. Both use a perpetual inventory system. (a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point. The cost of the merchandise is $2,850. The seller prepays the freight of $75. Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420. Buyer pays within the discount period. (b) c) Seller Buyer Description DR CR Description DR CR

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