Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Periodic System The following are selected transactions of Fedor, Inc., during the month of January: Jan. 20 Sold and shipped on account to Lawrence Stores merchandise listing for $4,500 with terms of 2/10, n/30. 27 Lawrence Stores was granted a $500 allowance on goods shipped January 20. 29 Received from Lawrence Stores a check for full settlement of the January 20 transaction. Required Prepare journal entries for (a) Fedor, Inc., and (b) Lawrence Stores. Both companies use the periodic inventory system.

Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Periodic System The following are selected transactions of Fedor, Inc., during the month of January: Jan. 20 Sold and shipped on account to Lawrence Stores merchandise listing for $4,500 with terms of 2/10,n/30. 27 Lawrence Stores was granted a $500 allowance on goods shipped January 20. 29 Received from Lawrence Stores a check for full settlement of the January 20 transaction. Required Prepare journal entries for (a) Fedor, Inc., and (b) Lawrence Stores. Both companies use the periodic inventory system