The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Concord Ltd. sold goods to Riverbed Corp. for $73,900, terms n/15, FOB shipping point. The inventory had cost Concord $39,300. Concord's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,020 were paid by the appropriate company. 8 Riverbed returned unwanted merchandise to Concord. The returned merchandise has a sales price of $2,280, and a cost of $1,220. It was restored to inventory. 11 Concord received the balance due from Riverbed. (a) Record the above transactions in the books of Concord; (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tites automatically indented when the amount is entered. Do not whole dollar, es. 5, 275.)