Purchase Rated Transactions The debts and credits from four related transactions (1) through t) are presented in the following accounts. Asume that the freight terms were FOB showing point and that the credt term were 1/10, w30 Cach (2) 150 (3) Accounts Payable 1,980 (1) 11,880 13,160 11.050 (4) Inventory 13,860 (3) 150 (1) (2) 1,980 a. Describe each transaction 1. 2 3. 4. b. Determine the invoice amount of the merchandise that was returned in (3)