Hide [Estimated time: 18 mins ] The following transactions occurred during August 2025 for Renwick \& Co. Aug 2- Renwick \& Co. sold 40 office desks costing \(\$ 2,000\) each, at a unit price of \(\$ 4,500\) to Shams Ltd. Terms: \(2/10,\mathrm{n}/30\). Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8- Renwick \& Co. returned the office desks to its inventory. Aug 9- Renwick \& Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27- Renwick \& Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick \& Co. uses the perpetual inventory system and the net method to record sales and cash discounts. Search