Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100. Prior to payment, $1,600 of the merchandise is returned. The invoice is paid within the discount period. Record the foregoing transactions of the buyer in the sequence indicated below, assuming a perpetual inventory system is used. (a) Purchased the merchandise. (b) Recorded receipt of the credit memo for merchandise returned. (c) Paid the amount owed. (a) Inventory 4,700 | X Accounts Payable 4,700X (b) Accounts Payable 1,600 | X Inventory 1,600 X (c) Accounts Payable 3,069x Cash 3,069X