Question: Do Both Problems. 1. Journalize the following transactions for both Samsung (seller) and Best Buy (buyer). Assume both the companies use the perpetual inventory system.

Do Both Problems. 1. Journalize the following transactions for both Samsung (seller) and Best Buy (buyer). Assume both the companies use the perpetual inventory system. Transaction descriptions are not required. July 3 Samsung sold merchandise on account to Best Buy $97,000, terms FOB shipping point. The cost of the merchandise sold was $58,500. July 5 Best Buy paid $3025 freight charges on purchase from Samsung. July 9 Samsung issued Best Buy a credit memo for merchandise returned, $12,520. The cost of the merchandise returned was $7,165. July 11 Samsung received payment from Best Buy for purchase of July 3

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