4. Merchandise with a list price of $7,500 is purchased on account, terms FOB shipp seller prepaid transportation costs of $300. Prior to payment, $2,000 of the merchand correct amount is paid within the discount period. OB shipping point, 1/10, n/30. The of the merchandise is returned. The Record the foregoing transactions of the buyer in the sequence indicated below. (a) Purchased the merchandise. (b) Recorded receipt of the credit memorandum for merchandise returned. (c) Paid the amount owed. Date Description Post Ref Debit Credit FOB shipping or to payment is retur 5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the followine terms: FOB shipping point, 2/10, n/30. The seller prepays the 350 shipping charges and bills the customer seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer fo merchandise costing $500 that is returned. The correct amount is received within the discount period Record the foregoing transactions of the seller in the sequence indicated below. ( (b) (c) (d) Sold the merchandise, recognizing the sale and cost of merchandise sold. Paid the transportation charges. Issued the credit memorandum. Received payment from the customer. Credit Post Ref Debit Description Date