On October 5, Ivanhoe Company sells merchandise to Bridgeport Company for $4,600, terms 2/10, n/30. The cost of the merchandise sold is $2,530. On October 7, Bridgeport Company returns defective goods with a selling price of $600 and a fair value of $95. On October 11, Ivanhoe Company receives the balance due from Bridgeport Company. Record the October 7 and October 11 transactions on the books of Ivanhoe Company using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Oct. 5Oct. 7Oct. 11
	(To record credit granted for receipt of returned goods)
Oct. 5Oct. 7Oct. 11
	(To record fair value of goods returned)
Oct. 5Oct. 7Oct. 11