Question: please answer extra credit questions..... Based on the information below, journalize the entries for the Seller and the Buyer. Both use a perpetual inventory system.

please answer extra credit questions.....

Based on the information below, journalize the entries for the Seller and the Buyer. Both use a perpetual inventory system. (a) (b) Seller sells Buyer on account merchandise costing $245 for $645, terms 2/10, net 30, FOB destination. The freight charge is $45. Buyer returns as defective $145 worth of the $645 merchandise received. The seller's cost is $70. Buyer pays within the discount period. (c) Extra Credit: Answer the above questions assuming both seller and buyer use the periodic inventory system. (6 points)

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