he following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Whispering Winds Ltd. sold goods to Ayayai Corp. for $80,400, terms n/15, FOB shipping point. The inventory had cost Whispering Winds $42,800. Whispering Winds's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,120 were paid by the appropriate company. 8 Ayayai returned unwanted merchandise to Whispering Winds. The returned merchandise has a sales price of $2,480, and a cost of $1,320. It was restored to inventory. 11 Whispering Winds received the balance due from Ayayai. Record the above transactions in the books of Ayayai. (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, e.g. 5,275.)