Based on the information below, journalize the entries for the seller and the buyer. Both use a perpetual inventory system.
a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point. The cost of the merchandise is $2,850. The seller prepays the freight of $75.
b) Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420.
c) Buyer pays within the discount period. 
Definitions:
Failure of Consideration
A situation where the promised performance or payment in a contract is not fulfilled, leading to potential contract invalidation.
Real Defense
Real defense refers to a genuine, legally recognized reason or argument that can be used to justify or excuse an action or claim in a court of law.
Personal Defense
Strategies or actions taken by an individual to protect themselves against harm or legal accusations.
Antedated Check
A check written with a date earlier than the date on which it was actually written.
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