(a) On July 1,EssexCorp. sold merchandise on account to Cambridge Inc. for $58,000, terms n/30. The cost of the merchandise sold was $32,000.Essexexpected a return rate of 5%. List all debit and credit entries for July 8th.

(b) On July 8, Cambridge returned merchandise worth $2,400toEssex. Its original cost was $1,320. The merchandise was restored to inventory. List all debit and credit entries for July 8th.