The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2 Purchased $18,550 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid freight of $175 on the January 2 purchase. 6 Returned $2,800 of the merchandise purchased on January 2. 13 Sold merchandise on account, $46,800, FOB destination, 1/10, n/30. The cost of merchandise sold was $24,300. 15 Paid freight of $205 for the merchandise sold on January 13. 17 Paid for the purchase of January 2 less the return and discount. 23 Received payment on account for the sale of January 13 less the discount.