Instructions Chart of Accounts General Journal Instructions Journalize the following inventory merchandise transactions for the seller and the buyer, assuming that both uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point. The cost of the merchandise is $2,850. The seller prepays the freight of $75. Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420. Buyer pays within the discount period. 8 tions hart of Accounts Seller General Ledger REVENUE ASSETS 110 Cash 410 Sales 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 142 Prepaid Insurance 180 Land SAMSUNG Chart OT ACCOUNT Instructions UNCTU JUUNI structions Chart of Accounts 142 Prepaid Insurance 180 Land 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 190 Equipment 191 Accumulated Depreciation 533 Insurance Expense LIABILITIES 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable Dierept SAMSUNG structions Chart of Accounts Buyer General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 140 Supplies 142 Prepaid Insurance 180 Land SAMSUNG ctions 531 Rent Expense Chart of Accounts 190 Equipment 191 Accumulated Depreciation 533 Insurance Expense LIABILITIES 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY