Current Attempt in Progress The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Ayayai Ltd. sold goods to Whispering Winds Corp. for $79,100, terms n/15, FOB shipping point. The inventory had cost Ayayai $42,100. Ayayai's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,100 were paid by the appropriate company. 8 11 Whispering Winds returned unwanted merchandise to Ayayai. The returned merchandise has a sales price of $2,440, and a cost of $1,300. It was restored to inventory. Ayayai received the balance due from Whispering Winds. (b) Record the above transactions in the books of Whispering Winds. (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 Dec. 3 Inventory Debit Credit Accounts Payable Dec. 7 Inventory Dec. 8 Cash Accounts Payable Inventory Dec. 11 Accounts Payable