Group 3 Comprehensive Problem 3 Titan Affiliates Co. is a merchandising business that uses the perpetual inventory system. The follows: account balances for Titan Affiliates Co. as of June 1, 2017 (unless otherwise indicated), are as 000 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 brador Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation- 56,700 Store Equipment 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 310 Steven Ward, Capital, June 1, 685,300 2016 311 Steven Ward, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling 12,600 Expense 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative 7,800 Expense During June, the last month of the fiscal year, the following transactions were completed: June 1. Paid rent for June, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of June 3, $600. 6. Sold merchandise on account to Buckey Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.