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.

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The Answer of 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.

Merchandise with a List Price of $4,700 Is Purchased on Account,terms