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Based on the information below, journalize the entries for the Seller and Buyer. Both use a perpetual inventory system. (Use Journals on this page and the next)

A. Seller sell merchandise to buyer on account terms 2/10, n 30 FOB destination:

Sales price $550.00

Cost 350.00

Transportation 25.00

B. Buyer returns merchandise received

Purchase price $200.00

Seller's cost 100.00

C. Buyer pays within the discount (round answer to nearest penny)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91624165

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