At the beginning of the current ski season, on October 1, 2024, the general ledger of the Culver Snowboard Shop Limited showed Cash $6,000; Inventory $22,200; Accounts Receivable $14,000; Common Shares $20,000; and Retained Earnings $22,200. The Culver Snowboard Shop uses a perpetual inventory system and experiences a return rate of 1% on sales. The following transactions occurred in October: Oct. 3 Purchased snowboards, boots, and helmets on account from Mountain Gear Corp. for $8,200, terms 3/15, n/30, FOB shipping point. 4 Freight of $470 was paid by the appropriate party on the October 3 purchase from Mountain Gear. 9 Purchased jackets, trousers, thermal base and mid layers, and other accessories on account from Thermals Sportswear for $3,000, terms 1/20,n/45, FOB destination. 12 Received a $300 credit from Mountain Gear for returned merchandise. 14 Sold merchandise on account to customers for $12,100, terms n/30. The cost of the merchandise sold was $4,200. 16 Received payments on account from customers, $6,050. 17 Paid Mountain Gear in full. 26 Sold merchandise on account to customers for $13,000, terms n/30. The cost of the merchandise sold was $8,200. 28 Received a $300 credit from Thermals Sportswear for returned merchandise. 29 Paid Thermals Sportswear in full. 31 Received payments on account from customers, $7,950