Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System Riggs Distributing Company had the following transactions with Arlington, Inc., during the month of November Nov. 10 Riggs sold and shipped $14,000 worth of merchandise ($12.200 cost to Arlington, terms 2/10, n/30. 12 Arlington, Inc. paid freight charges on the shipment from Riggs Company $400. 14 Riggs received $800 of merchandise returned by Arlington ($500 cost) from the November 10 sale 19 Riggs received payment in full for the net amount due on the November 10 sale. 24 Arlington, Inc. returned goods that had originally been billed at at $800 ($510 cost) Riggs issued a check for $784 Required Prepare the necessary journal entries (a) on the books of Riggs Distributing Company and (b) on the books of Arlington, Inc. Assume that both companies use the perpetual inventory system Sellers journal entries Buyer's journal entries Date RIGGS DISTRIBUTING COMPANY GENERAL JOURNAL Description Debit Credit Nov. 10 05 05 o 0 0 10 Sold goods to Arlington, Inc. terms 2/10, 30 0 0 0 D Cost of goods sold to Arlington, Inc 14 0 0 Issued credit memo to Arlington, Inc. for returned goods 14 0 0 0 D Cost of goods returned by Arlington Inc 19 Cash 0 241 Received payment in full from Arington, Inc. # 0 0 : 0 0 0 Cash Paid Arlington, Inc. for returned goods 24 0 0 0 Cost of goods returned by Arlington, Inc