Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point on December 21. The cost of the merchandise is $2,850. The seller prepays the freight of $75. Buyer returns $700 of merchandise as defective on December 28. The cost of the merchandise is $420. C. Buyer pays within the discount period on December 31. b. Required: Joumalize the entries for the Seller and the Buyer. Both use a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction. Seller PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 Buyer PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6