Journalize the following transactions for Bridgeport Audio, Inc., that occurred during the month of November, assuming the “net” method is used. Bridgeport Audio’s cost of inventory is 55 percent of the sales price.

Nov 3 Sold $2,400 of merchandise on account, terms 4/15, n/45, FOB shipping point. Bridgeport Audio, Inc., prepaid $90 of shipping costs and added the amount to the customer’s invoice.

7 Issued a credit memo to the customer acknowledging the return of $400 (sales price) of unwanted goods.

16 Received payment in full from the customer for the November 3 invoice.