Current Attempt in Progress Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridgeport uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $45,000, 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 $3,000 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $82,600, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,200 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,900 for returned goods. These goods had cost Bridgeport Company $3,000 and were returned to inventory. 25 Received the balance owing from Irvine 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 Kimmel Company at a cost of $52,000, terms 2/10, n/30, FOB shipping point. 2 The correct company paid freight costs of $1, 100 on the October 1 purchase. 3 Obtained a purchase allowance of $2,000 from Kimmel Company to compensate for some minor damage to goods purchased on October 1. 10 Paid Kimmel Company the amount owing on the October 1 purchase. 11 Sold all of the merchandise purchased from Kimmel Company to Kieso Company for $98,500, terms 2/10, n/30, FOB shipping point. 12 The correct company paid $800 freight costs on the October 11 sale. 17 Issued Kieso Company a sales allowance of $2,000 because some of the goods did not meet Kieso's exact specifications. 31 Received a cheque from Kieso Company for the balance owing on the October 11 sale.Date Account Titles and Explanation Debit Credit [Purchase on account.) V To record payment of freight costs.} V To record purchase return.} V (To record sales on account.) V (To record cost of goods sold.) V (To record cash payment for freight.] V To record credit for goods returned) V (To record cost of goods returned) Sept. 25 (Collection on account.] V [Payment on account.] V (Purchase on account.) V (To record freight on purchase.) V (To record purchase allowance.) V (To record payment on account.) V To record sales on account.} V (To record cost of goods sold.) V (To record payment of freight costs.) V To record sales allowance.] V Collection on account.]