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

Dec.	3		Riverbed Ltd. sold goods to Concord Corp. for $59,600, terms n/15, FOB shipping point. The inventory had cost Riverbed $31,600. Riverbeds management expected a return rate of 3% based on prior experience.
	7		Shipping costs of $800 were paid by the appropriate company.
	8		Concord returned unwanted merchandise to Riverbed. The returned merchandise has a sales price of $1,840, and a cost of $1,000. It was restored to inventory.
	11		Riverbed received the balance due from Concord.

Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 59600 Sales 59600 Dec. 7 Cost of Goods Sold Dec. 8 Inventory 1840 Estimated Inventory Returns 1840 Dec. 11 Cash