The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pronghorn Ltd. sold goods to Culver Corp. for $60,900, terms n/15, FOB shipping point. The inventory had cost Pronghorn $32,300. Pronghorn's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $820 were paid by the appropriate company. Culver returned unwanted merchandise to Pronghorn. The returned merchandise has a sales price of $1,880, and a cost of $1,020. It was restored to inventory. 11 Pronghorn received the balance due from Culver. Your answer is partially correct. Record the above transactions in the books of Pronghorn. (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, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 60900 Sales 59073 Refund Liability 1827 (To record credit sale) Dec. of Goods Sold 31331 Estimated Inventory Returns 969 Inventory 32300 (To record cost of merchandise sold) Dec. 7 Freight Out 0 Inventory 820 0 Dec. 8 Inventory 1880 Accounts Receivable 1880 (To record return of goods) Dec. 8 Inventory 1020 Estimated Inventory Returns 1020 (To record cost of merchandise returned) Dec. 11 v Cash 59020 Accounts Receivable 59020 Record the above transactions in the books of Culver. (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 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 3 Dec. 7 Dec. 8 Dec. 11