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

Dec.	3		Blue Spruce Ltd. sold goods to Swifty Corp. for $77,800, terms n/15, FOB shipping point. The inventory had cost Blue Spruce $41,400. Pictous management expected a return rate of 3% based on prior experience.
	7		Shipping costs of $1,080 were paid by the appropriate company.
	8		Swifty returned unwanted merchandise to Blue Spruce. The returned merchandise has a sales price of $2,400, and a cost of $1,280. It was restored to inventory.
	11		Blue Spruce received the balance due from Swifty.

Date Account Titles and Explanation Debit Credit 77800 (To record credit sale) (To record cost of merchandise sold) (To record return of goods) (To record cost of merchandise returned)