On September 1, Saratoga Inc. had an inventory of 33 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 8%. During September, the following transactions occurred: Sep 4 Purchased 50 backpacks at $30 each from Back Packs Unlimited, terms n/30. 6 Received credit of $180 for the return of 6 backpacks purchased on Sept. 4 that were defective. 9 Sold 35 backpacks for $50 each to University Supply, terms n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Sarasota Inc. fIf no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles

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