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Based on the information below: a. Seller sold merchandise on account to the buyer, [tex]$4,750, terms n/30, FOB shipping point. The cost of the merchandise is $[/tex]2,850. The seller prepays the freight of [tex]$75.
b. Buyer returns $[/tex]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 systém. 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 Accounts Receivable Sales Cost of Goods Sold Inventory Sales Returns and Allowances b
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