On May 11, Sharjah Co. accepts delivery of $40,000 of merchandise it purchases for resale from Dammam Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, 1/90, FOB shipping point. The goods cost Dammam $30,000. When the goods are delivered, Sharjah pays $345 to Express Shipping for delivery charges on the merchandise. On May 12, Sharjah returns $1,400 of goods to Dammam, who receives them one day later and restores them to inventory. The retumed goods had cost Dammam $800. On May 20, Sharjah mails a check to Dammam Corporation for the amount owed. Dammam receives it the following day. (Both Sharjah and Dammam use a perpetual inventory system.) a) Prepare journal entries that Sharjah Co. records for these transactions. b) Prepare journal entries that Dammam Corporation records for these transactions. For the topress ALTO POF ALTFN-F10 (Mac) B 15 Paragraph Arial IE A topt I: X 6F11: 1 WORDS POWERED BY TINY