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Q2 Presented beloow are transaction relatd to Sayid Company (1) On December 3, sayd Company sold $ 50,000 of merchandise to Shephard Company., terms 2/10, n/30,FOB shipping point. The cost of the merchandise sold was $30,000. (2) On December 8, Shephard Company returned $ 15,000 of the merchandise purchased on December 3. The cost of the returned merchandise was $7,000. (3) On December 13, Sayid Company received the balance due from to Shephard Company. Instructions (a) Prepare the journal entries to record these transactions on the books of sayd Company. Using a perpetual inventory system