3. Romeo Merchandising had the following transactions in June and July. 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 2/10n/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 3/15n/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 July 2 Purchased $2,000 of inventory under terms 1/10,n/60 and FOB shipping point from Trendy Manufacturing. July 7 Returned defective merchandise to Trendy Manufacturing with invoice price of $400. July 8 Paid the freight charges on the purchase from Trendy Manufacturing in cash for $100. July 9 Sold merchandise to New Miss Store on account for $5,000 with terms 2/15,n/60 FOB shipping point. Cost of the merchandise sold was $4,000. July 10 Paid Trendy Manufacturing the balance on account. July 12 Granted sales allowance of $300 to New Miss Store for defective merchandise. July 23 Collected balance owed from New Miss Store