Presented below are selected transactions for Concord Company during September and October of the current year. Concord uses a perpetual inventory system and the earnings approach.

Sept.

$1.$Purchased merchandise on account from Hillary Company at a cost of $$46,000,$ FOB destination, terms $1/15,$ n$/30.$

$2.$The correct company paid $$2,000$ of freight charges to Trucking Company on the September $1$ merchandise purchase.

$5.$Returned for credit $$2,120$ of damaged goods purchased from Hillary Company on September $1.$

$15.$Sold the remaining nirchandise purchased from Hillary Company to Irvine Company for $$109,700,$ terms $2/10,$ n$/30,$

FOB destination.

$16.$The correct company paid $$1,900$ of freight charges on the September $15$ sale of merchandise.

$17.$Issued Irvine Company a credit of $$5,300$ for returned goods. These goods had cost Concord Company $$2,120$ and were returned to inventory.

$25.$Received the balance owing from Irvine Company for the September $15$ sale.

$30.$Paid Hillary Company the balance owing for the September $1$ purchase.

Oct.

$1.$Purchased merchandise on account from Kimmel Company at a cost of $$57,000,$ terms $2/10,$ n$/30,$ FOB shipping point.

$2.$The correct company paid freight costs of $$1,100$ on the October $1$ purchase.

$3.$Obtained a purchase allowance of $$2,500$ from Kimmel Company to compensate for some minor damage to goods purchased on October $1.$

$10.$Paid Kimmel Company the amount owing on the October $1$ purchase.

$11.$Sold all of the merchandise purchased from Kimmel Company to Kieso Company for $$136,500,$ terms $2/10,$ n$/30,$

FOB shipping point.

$12.$The correct company paid $$800$ freight costs on the October $11$ sale.

$17.$Issued Kieso Company a sales allowance of $$1,700$ because some of the goods did not meet Kieso's exact specifications.

$31.$Received a cheque from Kieso Company for the balance owing on the October $11$ sale.,

Date

Account Titles and Explanation

Debit

Credit