Listed below are selected examples of transactions related to the purchase and sale of inventory from the perspective of the seller or the buyer as indicated. Assume a perpetual inventory system is in use.

1.Buyer: Purchase of $3,570of inventory for cash.2.Buyer: Return of $765of inventory to seller for credit on account.3.Buyer: Purchase of $4,080of inventory on account, terms 2/10, n/45.4.Buyer: Payment of $430cash for freight on purchase of inventory (FOB shipping point).5.Buyer: Payment of amount owed for purchase of $3,570of inventory, terms 2/10, n/30, paid within discount period.6.Seller: Sale of inventory on account, terms n/30. Selling price $20,000; cost $8,000. Management expects a return rate of 7.69%.7.Seller: Return of damaged inventory from buyer for cash. Selling price $550; cost $231. All of the goods were discarded because they are not resaleable.8.Seller: Payment of $590cash for freight on sale of inventory (FOB destination).9.Seller: Return of unwanted inventory from buyer for credit on account. Selling price $430; cost $161. Goods restored to inventory for future resale.10.Seller: Receipt of payment ($8,160) from customer on account, terms n/30.

For each of the above transactions, indicate (a) the basic type (asset, liability, revenue, or expense) of each account to be debited and credited; (b) the specific name(s) of the account(s) to debit and credit (for example, Inventory); and (c) whether each account is increased (+) or decreased (-) and by what amount. The first one has been done for you as an example.(Enter specific debited account items in alphabetical order. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)