Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System The following are selected transactions for Lamont, Inc., during the month of june: june 21 Sold and shipped on account to Lowery Company, $5,880 (55,000 cost) of merchandise, with terms of 2/10, n/30. 28 Lowery Company returned defective merchandise billed at $580 on June 21 ($510 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. a