Problem 1: Record the following Merchandising Operations journal entries "Seller" of Merchandise Inventory Sells Inventory costing Price/Revenue of sale is: Seller's cost of returned items: $ Discount terms are 4/10, n/30 FOB shipping point terms s 3,000 6,000 500 4.00% Buys on account inventory from Seller f $ 6,000 Pays in cash FO8 shipping of Returns a portion of the purchase:$ 1,000 Pays the Seller within discount period: 4.00% S 150 General Journal Entries Seller" of Merchandise Inventory Account "Purchaser" of Mechandise Inventory Account Cr Dr Cr To record movement of goods to CGS at cost To record purchase of inventory on account To record sale on account To record FOB shipping cost and payment To record returned goods from Purchaser. To record returns from original purchase. To record returns To record cash payment (discounted). To record discount payment