Cullumber Stores is a new company that started operations on March 1, 2017. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March:

Mar. 1Cullumber Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point.

2The correct company pays $160 for the shipping charges.

3Cullumber returns $1,200 of the merchandise purchased on March 1 because it was the wrong color. Octagon gives Cullumber a $1,200 credit on its account.

21Cullumber Stores purchases an additional $14,000 of merchandise for resale from

Octagon Wholesalers terms 2/10, n/30, FOB destination.

22The correct company pays $170 for freight charges.

23Cullumber returns $450 of the merchandise purchased on March 21 because it was damaged. Octagon gives Cullumber a $450 credit on its account.

30Cullumber pays Octagon the amount owing for the merchandise purchased on March 1.

31Cullumber pays Octagon the amount owing for the merchandise purchased on March 21.