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:
Prospecting Letter
A letter sent by a salesperson or business to potential clients or customers to introduce their products or services and generate new business.
Research
The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.
Industry
A sector of the economy that involves the manufacturing and production of goods or services.
Advertised Job Opening
A vacancy that is publicly shared through various media channels to attract potential candidates.
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