Rocky's Outdoor Adventures (ROC) is a retailer of sporting equipment and outdoorapparel. The following transactions occurred for ROC during the month of August 2020:

Date

August 5 August 6 August 6

August 12 August 15

August 18 August 21

Required:

Transaction Description

Purchased $7,200 of inventory on account from Champ Enterprises. The invoice terms were 2/15, n/60.

Paid $156 to ship the goods that were purchased on August 5 from Champ Enterprises.

ROC determined that $600 of the goods shipped on August 5 were damaged. ROC returned these goods to Champ Enterprises.

Purchased $640 of office supplies from North Co. with cash.

Sent Chatterly Collegiate a credit memo for $400 for goods that didnot meet the customer's specifications.

Paid the balance owing to Champ Enterprises from the August 5 purchase.

Received a cheque from Chatterly Collegiate in full payment of their account.

August 11

Sold $13,300 of products to Chatterly Collegiate Institute. The invoice terms were 2/10, n/30. The merchandise had a cost of $6,800 to ROC.

August 31

The merchandise inventory account had an ending balance of $67,400. A physical count of inventory was done and an inventory balance of $65,775 was reported.

Prepare journal entries for each of the above transactions, assuming that ROC has a perpetual inventory system.