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4) The following transactions were completed during August between Seller Company and Buyer Company: (20 points) Aug 1 Seller Company sold merchandise on account to

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4) The following transactions were completed during August between Seller Company and Buyer Company: (20 points) Aug 1 Seller Company sold merchandise on account to Buyer Company, $50,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $30,000. Aug 2 Seller Company paid freight of $1,500 for delivery of merchandise sold to Buyer Company on August 1. Aug 5 Seller Company sold merchandise on account to Buyer Company, $75,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $48,000. Aug 9 Buyer Company paid freight of $1,800 on August 5 purchase from Seller Company. Aug 15 Seller Company sold merchandise on account to Buyer Company, $80,000, terms FOB shipping point, 1,10, n/eom. Seller Company paid freight of $1,400, which was added to the invoice. The cost of the merchandise sold was $58,000. Aug 16 Buyer Company paid Seller Company for purchase of August 1. Aug 25 Buyer Company paid Seller Company on account for purchase of August 15. Aug 31 Buyer Company paid Seller Company on account for purchase of August 5. Instructions: a) Prepare the journal entries for Seller Company. b) Prepare the journal entries for Buyer Company

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