Romeo Merchandising Had the Following Transactions in June

question 64

Essay

Romeo Merchandising had the following transactions in June. Prepare journal entries for these transactions assuming Romeo uses a periodic 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.
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.
19 Romeo received payment on the remaining amount due from the sale of June 5, less the return and the discount.

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