Received payment from the november 25th transaction

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Question: Prepare Journal Entries for the following: Rhode Island Ocean Merchandisers (RIOM) is a wholesaler of beach-themed merchandise. It uses a perpetual inventory system. During October and November, the following transactions occurred: October 20 October 26 n October 30 November 25 November 30 Purchased 300 beach signs at $25 each. The manufacturer granted terms of 2/10, n/30. Returned 4 of the beach signs purchased on October 20th because they were defective. The supplier issued a credit immediatelv. Paid the balance due on the October 20th purchase. Sold 15 beach signs for $85 each to a local restaurant. The sale grants credit terms of 2/10, n/30. (Hint: you should have two entries on this date). Received payment from the November 25th transaction.

Reference no: EM133608921

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