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

Dec.	3		Novak Ltd. sold goods to Flounder Corp. for $63,500, terms n/15, FOB shipping point. The inventory had cost Novak $33,700. Novaks management expected a return rate of 3% based on prior experience.
	7		Shipping costs of $860 were paid by the appropriate company.
	8		Flounder returned unwanted merchandise to Novak. The returned merchandise has a sales price of $1,960, and a cost of $1,060. It was restored to inventory.
	11		Novak received the balance due from Flounder.

a) Record the above transactions in the books of Novak. (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 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)

(I will be posting parts b & c once I am able to post the answer to part a. Please keep in touch.)