Question

In: Accounting

June 2Romeo received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB...

June 2Romeo received an $18,000 invoice from one of its suppliers. Terms

were 2/10 n/30, FOB shipping point.

3Romeo paid the freight bill amounting to $2,000.

4Romeo returned $2,500 of the merchandise billed on June 2 because it

was defective.

5Romeo sold $8,000 of merchandise on account, terms 3/15 n/30.

The cost of the merchandise sold was $5,100.

10Romeo paid the invoice dated June 2, less the return and the discount.

15A customer returned $2,500 of merchandise sold on June 5. The cost of

the returned merchandise was $1,450.

19Britt received payment on the remaining amount due from the sale of

June 5, less the return and the discount.

Requirement 1: Assume Romeo Merchandising uses a perpetual inventory system.

Requirement 2: Assume Romeo Merchandising uses a periodic inventory system.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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