Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,...

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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. The buyer uses a perpetual inventory system. Journalize the foregoing transactions of the buyer in the following sequence: a. Purchased the merchandise. b. Recorded receipt of the credit memo for merchandise returned.. c. Paid the amount owed. I If an amount box does not require an entry, leave it blank. 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. The buyer uses a perpetual inventory system. Journalize the foregoing transactions of the buyer in the following sequence: a. Purchased the merchandise. b. Recorded receipt of the credit memo for merchandise returned.. c. Paid the amount owed. I If an amount box does not require an entry, leave it blank.