The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 7 8 11 Sarasota Ltd. sold goods to Bridgeport Corp. for $84,300, terms n/15, FOB shipping point. The inventory had cost Sarasota $44,900. Sarasota's management expected a return rate of 3% based on prior experience. Shipping costs of $1,180 were paid by the appropriate company. Bridgeport returned unwanted merchandise to Sarasota. The returned merchandise has a sales price of $2,600, and a cost of $1,380. It was restored to inventory. Sarasota received the balance due from Bridgeport.

The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Sarasota Ltd. sold goods to Bridgeport Corp. for $84,300, terms n/15, FOB shipping point. The inventory had cost Sarasota $44,900. Sarasota's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,180 were paid by the appropriate company. 8 Bridgeport returned unwanted merchandise to Sarasota. The returned merchandise has a sales price of $2,600, and a cost of $1,380. It was restored to inventory. 11 Sarasota received the balance due from Bridgeport. Record the above transactions in the books of Sarasota. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tifles and enter 0 for the amounts. Round answers to the nearest whole dollar, es, 5.275.)