Based on the information below: 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 issues a $700 debit memo for defective merchandise that is not returned. c. Buyer pays within the discount period. Question Content Area Journalize the entries for the seller using a perpetual inventory system. If an amount box does not require an entry, leave Please dont give image based answers Thank you

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is