Assignment: Prepare the journal entries for both the seller's and buyer's books assuming both companies use a periodic inventory approach: Seller: January 3: Sold $3000 of merchandise on account, terms 1/10, n/30 January 8: Defective merchandise of $200 was returned to the seller January 10: Received payment for the balance due. Buyer: January 3: Purchased merchandise on account $3000 January 8: Returned $200 of the merchandise January 10: Paid the balance due