Merchandise with a list price of $4,700 is purchased on account,terms FOB shipping point,1 / 10,n / 30.The seller prepaid freight costs of $100.Prior to payment,$1,600 of the merchandise is returned.The invoice is paid within the discount period.
Record the foregoing transactions of the buyer in the sequence indicated below,assuming a perpetual inventory system is used.
Definitions:
Duress
A situation where a person is forced into an agreement or action against their will by means of threats, violence, constraints, or other pressure.
Crimes
Acts or omissions that violate laws prohibiting the behavior, which can result in punishment.
Torts
Legal wrongs committed against a person or property, excluding breach of contract.
Scienter
Knowledge of wrongdoing or fraudulent intent in the commission of an act, especially a key element in certain legal proceedings.
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