Despite younger leaders and older leaders growing up in quite different eras, their formative experiences with respect to leadership are remarkably similar.

Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100. Prior to payment, $1,600 of the merchandise is returned. The invoice is paid within the discount period.Record the foregoing transactions of the buyer in the sequence indicated below, assuming a perpetual inventory system is used.(a)Purchased the merchandise.(b)Recorded receipt of the credit memo for merchandise returned.(c)Paid the amount owed.