QUESTION $1$

Brimmes Company sells office supplies. The company has a stated return policy of $10$ days from the date of sale. Management estimates that returns will be $10\%$ of sales. Record the following transactions for Brimmes Company:

Sept. $4$ Sold merchandise for $$1,750$ on account to Alverstone Company, terms, $\frac{n}{30},$ POB destination. The original cost of the merchandise to Brimmes Company was $$700.$

$5$ The correct company pays freight charges of $$50.$

$8$ Alverstone returned goods with a selling price of $$175$ and a cost of $$70.$ The goods are restored to inventory.

$14$ Received the correct payment from Alverstone Company.

$16$ Brimmes has a clearance sale and sells $$500$ of goods to Lincoln Liquidators, FOB shipping point. Brimmes specifies that no returns will be allowed for this sale, but offers Lincoln terms of $\frac{1}{15},\frac{n}{30}.$ The goods cast Brimmes $$425.$

$17$ The correct company pays freight charges of $$30.$

$30$ Received the correct payment from Lincoln Liquidators.