Patrick Morse returned $305 (selling price) of merchandise to Lapierre Co. The merchandise was purchased on credit. The cost of the merchandise to Lapierre Co. is $205. What would be the journal entry on the books of both the buyer and​ seller? Assume the perpetual inventory system. ​(Record debits​ first, then credits. Exclude explanations from journal​ entries.)

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A: Hi student Since there are multiple questions, we will answer only first question.

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A:

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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