Presented below are selected transactions for Monty Company during September and October of the current year. Monty uses a perpetual inventory system and the earnings approach. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $54,000, 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 $3,300 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $84,500, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,000 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,500 for returned goods. These goods had cost Monty Company $3,300 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 80 30 Paid Hillary Company the balance owing for the September 1 purchase.