The following are selected transactions for Kim, Inc., during the month of June: June 21 Sold and
Question:
The following are selected transactions for Kim, Inc., during the month of June:
June 21 Sold and shipped on account to Lowery Company, \(\$ 4,000\) ( \(\$ 2,000\) cost) of merchandise, with terms of \(2 / 10, \mathrm{n} / 30\).
28 Lowery Company returned defective merchandise billed at \(\$ 400\) on June 21 ( \(\$ 200\) cost).
30 Received from Lowery Company a check for full settlement of the June 21 transaction.
Required
Prepare the necessary journal entries for
(a) Kim, Inc.,
(b) Lowery Company. Both companies use the perpetual inventory system.
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Journal Entries for Kim Inc Perpetual Inventory and Lowery Company a Kim Inc June 21 Accounts Receivable Lowery Company 4000 Sales 4000 To record the ...View the full answer
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