Journal Entries for Merchandise Transactions on Sellers and Buyers BooksPerpetual System The following are selected transactions for Lamont, Inc., during the month of June: June 21 Sold and shipped on account to Lowery Company, $8,880 ($8,000 cost) of merchandise, with terms of 2/10, n/30. 28 Lowery Company returned defective merchandise billed at $880 on June 21 ($810 cost.) 30 Received from Lowery Company a check for full settlement of the June 21 transaction. Required Prepare the necessary journal entries for (a) Lamont, Inc., and (b) Lowery Company. Both companies use the perpetual inventory system. Seller's Journal Entries Buyer's Journal Entries LAMONT, INC. GENERAL JOURNAL Date Description Debit Credit June 21 Sold merchandise to Lowery Co