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ajtrack84
Oct 14, 2007, 08:05 PM
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 $200 for $450, terms 2/10, net 30, FOB destinationn. The transportation charge is $35.

b. Buyer returns as defective $150 worth of the $100 merchandise received. The seller's cost is $85.

c. Buyer pays within the discount period.