E5.3 (LO 2, 3), AP Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred.

Sept.6 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30, FOB shipping point.

9 Paid freight of $50 on calculators purchased from Dragoo Co.

10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications.

12 Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30.

14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34.

20 Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30.