Exercise 5-3 On September 1, the beginning of its fiscal year, Lim Suppliers Ltd. had an inventory of 103 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions occurred: Sept. 2 Purchased 825 calculators for $22 each from Digital Corp. on account, terms n/30 10 Returned 9 calculators to Digital for $198 credit because they did not meet specifications. 11 Sold 272 calculators for $30 each to Lim Book Store, terms n/30 14 Granted credit of $300 to Lim Book Store for the return of 10 calculators that were not ordered. The calculator were restored to inventory. 21 sold 290 calculators for $30 each to Student Card Shop, terms 1/10, n/30. 29 Paid Digital the amount owing. 30 Received payment in full from the Student Card Shop