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:
Bond Payable
A long-term liability account that records the amounts owed to bondholders by the issuer.
Straight-Line Method
A technique for determining depreciation or amortization that involves uniformly distributing the cost of an asset throughout its lifespan.
Contract Rate
A contract rate is a pre-agreed price or fee set in a contract for services or goods, which remains fixed for the duration of the agreement.
Market Rate
The prevailing price or interest rate at which goods, services, or securities are traded in the open market.
Q12: All of the following are reasons to
Q13: In preparing a bank reconciliation, the amount
Q31: Which of the following is not true
Q56: An attorney has earned 1/2 of a
Q65: Widely used for tax purposes<br>A)FIFO<br>B)LIFO<br>C)Weighted average
Q71: The company determines that the interest expense
Q113: In preparing a bank reconciliation, the amount
Q145: Inventory system that updates the merchandise inventory
Q185: Credit memos from the bank<br>A) decrease a
Q187: Indicate whether the following error would cause