Concord Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Concords inventory consists of 240 books purchased at $18 each. Concord uses a perpetual inventory system. Return rates in the book industry are high, with Concord experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred:

June	1		Purchased 180 books on account for $16 each from Readers World Publishers, terms n/45.
	3		Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $17, terms n/45.
	5		Received a $144 credit for 9 books returned to Readers World Publishers.
	8		Sold 85 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $17, terms n/45.
	9		Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed.
	11		Purchased 130 books on account for $14 each from Read More Publishers, terms n/45.
	12		Received payment in full from The Book Nook.
	17		Received payment in full from Read-A-Lot Bookstore.
	22		Sold 125 books on account to Readers Bookstore for $25 each, with an assumed average cost of $17, terms n/45.
	25		Granted Readers Bookstore a $375 credit for 15 returned books. These books were restored to inventory.
	29		Paid Readers World Publishers in full.

(a) Your Answer Correct Answer Your answer is correct. Record the above transactions in the books of Blue Spruce. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, eg. 5,275.) Debit Credit Date Dec 3 Account Titles and Explanation Accounts Receivable 77800 Sales 75466 2334 Refund Liability (To record credit sale) Cost of Goods Sold Dec. 3 40158 Estimated Inventory Returns 1242 41400 Inventory (To record cost of merchandise sold) Dec, 7 V No Entry 0 No Entry Dec. 8 Refund Liability 2.400 2.400 Accounts Receivable (To record return of goods) Inventory Dec. 8 1,280 1,280 Estimated Inventory Returns (To record cost of merchandise returned) Cash Dec. 11 75400 Accounts Receivable 75400 e Textbook and Media Assistance Used Solution Attempts: 3 of 3 used (b) Record the above transactions in the books of Swifty. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, eg. 5,275.) Date Account Titles and Explanation Debit Credit