Inventory Purchases, Sales, Returns and More!

The following transactions occurred for Romney Inc.:

February $1$ Purchased inventory on account: $$3,400.$ Terms: $2/10,$ n$/30.$

February $2$ Paid freight on inventory of $$200.($Paid cash$).$

February $5$ Returned $$400$ of inventory from the February $1$ purchase.

February $9$ Paid for the inventory purchase of February $1.$

February $11$ Sold inventory for $$3,500$ on account. The inventory cost $$1,600.$ Terms $2/10,$

n$/30.$

February $14$ Purchased inventory on account: $$2,500.$ Terms: $1/15,$ n$/30.$

February $19$ Sold inventory for $$1,500$ on account. The cost of inventory was $$600.$ Terms

$2/10,$ n$/30.$

February $21$ Paid for inventory purchase from February $14.$

February $24$ Customer from February $11$ transaction paid the amount owing.

February $25$ Customer from the February $19$ transaction returns $$100$ of inventory $($cost: $$40).$

The inventory was in good condition and put back on the shelf for resale.

February $28$ Customer from the February $19$ sale pays the amount owing.

Romney Inc. uses a perpetual inventory system.

Required:

Prepare journal entries based on the transactions above