Selected transactions follow for Crown Point Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,139 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Crown Point $760. 4 Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost Crown Point $86 and they were returned to inventory. 5 Sold $756 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Crown Point $493. 8 Sold $848 of merchandise to Michael Collins for cash. The goods had cost Crown Point $617. 10 Sold $924 of merchandise to Rafik Kurji account, terms n/30. The goods had cost Crown Point $683. 22 Dong Corporation paid its account in full. 24 Andrew Noren purchased an additional $692 of merchandise on account, terms n/30. The goods had cost Crown Point $412. 27 Sold $1,726 of merchandise to Batstone Corporation, terms n/30. The goods had cost Crown Point $1,103. 28 Andrew Noren paid $1,000 on account. Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold). (Torecord sales returns) (To record cost of goods returned)