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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
Journal Entries for Merchandise Transactions on Seller's and Buyer's BooksPerpetual System
The following are selected transactions for Candello, Inc., during the month of June:
tableJuneSold and shipped on account to Dante Company, $ $ cost of merchandise, with terms of Dante Company returned merchandise billed at $ on June cost.Received from Dante Company a check for full settlement of the June transaction.
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Prepare the necessary journal entries for a Candello, Inc., and b Dante Company. Both companies use the perpetual inventory system.
Seller's Journal Entries
Buyer's Journal Entries
tabletableDANTE COMPANY GENERAL JOURNALDescriptionDebit,CreditJuneInventory,hatAccounts payable,hatPurchased merchan,Accounts payable,hatCash,hatReturned merchand,,,hathatCash,,Paid amount due to
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