Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system a December 15. X-cell Inc's merchandise was sold to XYZ Corporation for $7,300 under credit terms of 2/15, n/60, FOB shipping point. The cost of the merchandise was $6,205. b. December 17 XYZ Corporation received a $1,400 credit memorandum from X-cell Inc. acknowledging the return of defective merchandise. c. December 28 XYZ Corporation paid X-cell Inc. the balance due Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie January 15 would be 15/Jan). Please use the 't' and 'buttons to change the number of accounts (if necessary) for each journal entry a) XYZ Corporation b) X-cell Inc General Journal Account/Explanation Page GJ6 F Debit Credit General Journal Account/Explanation Page Gj1 F Debit Credit Date Date + + - + - + +-1 + - +- + =