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4. Based on the information below: Seller sold merchandise on account to the buyer, $4,750, terms 4/10, net 30, FOB shipping point. The cost of

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4. Based on the information below: Seller sold merchandise on account to the buyer, $4,750, terms 4/10, net 30, FOB shipping point. The cost of the merchandise is $2.850 (2) Buyer returns $ 700 of merchandise as defective. The cost of the merchandise is $420 (3) Buyer pays within the discount period (1) a. Journalize the entries for the Seller using a perpetual inventory system

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