Name: Based on the information below, journalize the entries for the seller and the buyer. Both use a perpetual inventory system. (a) 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. (b) Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420. (c) Buyer pays within the discount period. Seller: Buyer: Date Accounts and Explanation Debit Credit