ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) Romeo Merchandising had the following transactions in June. Prepare journal entries for these transactions assuming Romeo uses a perpetual inventory system. (20%) June 2 4 5 10 95 15 19 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. Romeo returned $2,500 of the merchandise billed on June 2 because it was defective. Romeo sold $8,000 of merchandise on account, terms 3/15 n/30. The cost of the merchandise sold was $5,100. Romeo paid the invoice dated June 2, less the return and the discount. A customer returned $2,500 of merchandise sold on June 5. The cost of the returned merchandise was $1,450. Romeo received payment on the remaining amount due from the sale of June 5, less the return and the discount