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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The Answer of 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.

Romeo Merchandising Had the Following Transactions in June