Crane Stores is a new company that started operations on March 1, 2021. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. 1 2 3 21 Crane Stores purchases $9,100 of merchandise for resale from Octagon Wholesalers, terms 2/10,n/30,FOB shipping point. The correct company pays $155 for the shipping charges. Crane returns $1.200 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Crane a $1.200 credit on its account. Crane Stores purchases an additional $14,000 of merchandise for resale from Octagon Wholesalers, terms 2/10, 1/30, FOB destination. The correct company pays $195 for freight charges. Crane returns $450 of the merchandise purchased on March 21 because it was damaged. Octagon gives Crane a $450 credit on its account Crane paid Octagon the amount owing for the merchandise purchased on March 1. Crane paid Octagon the amount owing for the merchandise purchased on March 21. 22 23 30 31 Date Account Titles and Explanation Debit (Purchase on account.