Date Account Titles and Explanation Sept. 2 Sept. 10 Sept. 11 Sept. 14 Sept. 29 Sept. 30 Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record return of goods) (To record cost of merchandise returned) On September 1, the beginning of its fiscal year, Cullumber Ltd. had an inventory of 84 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: Sept. 2 Purchased 630 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 10 calculators to Digital for $200 credit because they did not meet specifications. 11 Sold 230 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based on prior experience. 14 Granted credit of $300 to Campus Book Store for the return of 10 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store