Mars Musical Instrument Company and Tiger Company engaged in the following transactions with each other during July 1999 :

July 2 Mars Musical Instrument Company purchased merchandise on account with a list price of \(\$ 48,000\) from Tiger Company. The terms were 3/EOM, n/60, FOB shipping point, freight collect. Trade discounts of \(15 \%, 10 \%\), and \(5 \%\) were granted by Tiger Company.

5 The buyer paid the freight bill on the purchase of July \(2, \$ 1,104\).

6 The buyer returned damaged merchandise with an invoice price of \(\$ 2,790\) to the seller and received full credit.

On the last day of the discount period, the buyer paid the seller for the merchandise.

Required Prepare all the necessary journal entries for the buyer and the seller.