Presented below are selected transactions for Sheffield Company during September and October of the current year. Sheffield usts 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 $2,750 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $102,500, terms 2/10,/30, FOB destination. 16 The correct company paid \$2,200 of freitht charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5.500 for retumed goods, These goods had cost Stieffield Company $2.750 and were returned to inwentory 25 Received the balance owing from irvinc 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 Kinnel Cornpany at a cont of $57,000, terms 2/10,n/30, FOB shipping point. 2. The correct compary poid freight costs of $1,100 on the October 1 purchase. purchased on Octotien 1