Make journal entries for both the seller and buyer.

Both the Seller and Buyer use perpetual inventory. Discounts are taken when final payment is made. No memo entries are required.

The following transactions need to be journalized.

Seller uses the following Accounts. Cash Accounts Receivable Merchandise Inventory Sales Sales Returns Sales Discounts Cost Of Goods Sold

Buyer uses the following Accounts Cash Merchandise Inventory Accounts Payable

E Transactions to Journalize for both Seller and the Buyer, no memo entries required 5-Mar Seller sold merchandise on account to buyer for FOB shipping point 2/10 N30, Cost of Merchandise was 9-Mar Buyer Paid freight charges on purchase in cash 13-Mar Seller issued Buyer a credit memo for merchandise returned for The cost of merchandise returned was 15-Mar Seller received payment from buyer for amount due Seller Date Account D Debit $ $ $ $ $ 7,600 5,100 600 2,200 1,600 Credit F