View Policies Current Attempt in Progress Presented below are selected transactions for Flint Company during September and October of the current year. Flint uses a perpetual inventory system and the earnings approach. Sept. 1 2 5 15 Purchased merchandise on account from Hillary Company at a cost of $48,000, FOB destination, terms 1/15, n/30. The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. Returned for credit $2,400 of damaged goods purchased from Hillary Company on September 1. Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $114,000, terms 2/10. n/30, FOB destination. 16 The correct company paid $1,900 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $6,000 for returned goods. These goods had cost Flint Company $2.400 and were returned to inventory. ACCT-112 CH 5 In.ppt A 6 ACCT-112 Ch 5 M...pptx ACCT-112 Ch 5 M.pptx