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, $1,400 of the merchandise is returned. The correct amount 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:
Midlife Transition
A phase in adulthood characterized by personal reassessment and potential change, often occurring between the ages of 40 and 60, involving reflections on achievements, goals, and life satisfaction.
Conscientiousness
A personality trait characterized by organization, dependability, efficiency, and a strong sense of duty.
Neuroticism
A personality trait characterized by anxiety, fear, moodiness, worry, envy, frustration, jealousy, and loneliness.
Introversion
A personality trait characterized by a focus on internal feelings rather than external sources of stimulation.
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