Question: 8. Based on the information below, journalize the entries for the Seller and the Buyer. Both use a perpetual inventory system. (a) Seller sells Buyer

8. Based on the information below, journalize the entries for the Seller and the Buyer. Both use a perpetual inventory system. (a) Seller sells Buyer on account merchandise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight charge is $45. (b) Buyer returns as defective $145 worth of the $645 merchandise received. The seller's cost is $70. (c) Buyer pays within the discount period. Seller Accounts DR CRuyer DR CR

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