Jul. 2 Company A purchased merchandise on account with a list price of $80,000 from Company B. The terms were 2/EOM, net 60, FOB shipping point. Trade discounts of 8%, 10%, and 12% were granted by company B. (Please note that trade discounts should NOT be recorded in the books of either the buyer nor the seller. Jul. 6 The buyer paid the freight bill on the purchase of July 2, $1,260. Jul. 9 The buyer returned damaged merchandise with an invoice price of $4,500 to the seller, and received full credit. Jul. 31 The buyer paid the seller the amount due on the purchase. Both the buyer and the seller use the periodic inventory method. Prepare the journal entries for the buyer and the seller