E Business Course Return to course Question 1 Not complete Marked out of 52.00 P Flag question Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System The following are selected transactions for Candello, Inc., during the month of June: June 18 Sold and shipped on account to Dante Company. $6.000 ($3.000 cost) of merchandise, with terms of 2/10, 1/30. 25 Dante Company returned merchandise billed at $800 on June 21 ($300 cost.) 27 Received from Dante Company a check for full settlement of the June 18 transaction. Required Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory system. CANDELLO, INC. GENERAL JOURNAL Description Date Debit Credit June 18 Sold merchandise to Dante Company terms 2/10, 1/30. Cost of merchandise sold to Dante company. Merchandise returned by Dante Company Cost of merchandise returned by Dante Company Sales Discounts Received amount oe from Dante company DANTE COMPANY GENERAL JOURNAL Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory Date CANDELLO, INC. GENERAL JOURNAL Description Debit Credit June 18 Sold merchandise to Dante Company terms 2/10 30. Cost of merchandise sold to Dante Company Merchandise returned by Dante Company Cost of merchandise returned by Dante Company Sales Discounts Accounts payable Accounts Receivable Cash Cost of Goods Sold Inventory Sales Revenue Sales Returns and Allowances Sales Discounts Purchased merchandise from Candello, inc.: terms 2/10,30 Data Debit Credit June 18 Returned merchandise to cancello in Cash Paid amount due to Candelone Received amount due from Dante Company. DANTE COMPANY GENERAL JOURNAL Description Debit Credit Date June 18 Purchased merchandise from Candello, Inc; terms 2/10, n/30. Returned merchandise to Candello, Inc. Cash Paid amount due to Candello, Inc. Check Save Answers Merchandise returned by Dante Company Cost of merchandise returned by Dante Company Sales Discounts Received amount due from Dante Company DANTE COMPANY GENERAL JOURNAL Description Debit Credit Date June 18 Purchased merchandise from Candello, Inc: terms 2/10, 1/30. Returned merchandise to Candello, Inc. Accounts payable Accounts Receivable Cash Check Cost of Goods Sold Inventory Sales Revenue Sales Returns and Allowances Save Sales Discounts