The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Swifty Ltd. sold goods to Blue Spruce Corp. for $55,700, terms n/15, FOB shipping point. The inventory had cost Swifty $29,500. Swifty's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $740 were paid by the appropriate company. 8 Blue Spruce returned unwanted merchandise to Swifty. The returned merchandise has a sales price of $1.720, and a cost of $940. It was restored to inventory. 11 Swifty received the balance due from Blue Spruce. Record the above transactions in the books of Swifty. (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 titles and enter O for the amounts. Round answers to the nearest whole dollar, eg. 5,275.) Date Account Titles and Explanation Dec. 3 Accounts Receivable Dec. 3 Sales (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Dec. 7 No Entry No Entry Dec. 8 Sales Returns and Allowances Accounts Receivable Dec. 8 Dec. 11 (To record return of goods) Inventory Cost of Goods Sold (To record cost of merchandise returned) Cash Accounts Receivable Debit Credit 55700 29500 1720 940 53980 55700 29500 1720 940 53980