Based on the information below, journalize the entries for the Seller and Buyer. Both use a perpetual inventory system. (Use Journals on this page and the next)
A. Seller sell merchandise to buyer on account terms 2/10, n 30 FOB destination:
Sales price $550.00
Cost 350.00
Transportation 25.00
B. Buyer returns merchandise received
Purchase price $200.00
Seller's cost 100.00
C. Buyer pays within the discount (round answer to nearest penny)