Romeo Merchandising Had the Following Transactions in June

question 42

Essay

Romeo Merchandising had the following transactions in June. Prepare journal entries for these transactions assuming Romeo uses a perpetual inventory system.
June 2 Romeo received an $18,000 invoice from one of its suppliers. Terms
were 2/10 n/30, FOB shipping point. Romeo paid the freight bill
amounting to $2,000.
4 Romeo returned $2,500 of the merchandise billed on June 2 because it
was defective.
5 Romeo sold $8,000 of merchandise on account, terms 3/15 n/30.
The cost of the merchandise sold was $5,100.
10 Romeo paid the invoice dated June 2, less the return and the discount.
15 A customer returned $2,500 of merchandise sold on June 5. The cost of
the returned merchandise that was placed back in inventory was $1,450.
19 Romeo received payment on the remaining amount due from the sale of
June 5, less the return and the discount.

Describe how related goods affect each other's demand through changes in price.

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Identify personality traits associated with safer work behaviors.

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Definitions:

Oats

A species of cereal grain grown for its seed, which is known for its health benefits and is used as livestock feed, oatmeal, and oat milk.

Absolute Advantage

The ability of a country or entity to produce a good using fewer resources than another producer, indicating higher efficiency.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, leading to more efficient trade benefits.

Opportunity Cost

The forfeiting of possible gains that could be obtained from exploring other options, when one is chosen.