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The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were foB

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The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were foB shipping point and that the credit terms were 1/10,n/30. Accounts Payable (3) (4) 1,980 11,880 (1) 13,860 a. Describe each transaction. 1. 2. 3. 4. b. Determine the invoich amount of the merchandise that was returned in (3)

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