The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.

Dec. $3$ Grouper Ltd$.$ sold goods to Monty Corp. for $$68,700,$ terms $\frac{n}{15},$ FOB shipping point. The inventory had cost Grouper $$36,500.$ Grouper's management expected a return rate of $3\%$ based on prior experience.

$7$ Shipping costs of $$940$ were paid by the appropriate company.

$8$ Monty returned unwanted merchandise to Grouper. The returned merchandise has a sales price of $$2,120,$ and a cost of $$1,140.$ It was restored to inventory.

$11$ Grouper received the balance due from Monty.

$($a$)$

Record the above transactions in the books of Grouper. $($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 account tides and enter O or the amounts. Record journal entries in the order presented in the problem.$)$