Journal Entries for Merchandise Transactions on Seller's and Buyer's Records--Periodic System The following are selected transactions for Franklin, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $19,400, with terms of 2/10, 1/30 April 27 Lind Stores returned defective merchandise billed at $1,700 on April 20 for April 29 Received from Lind Stores a check for full settlement of the April 20 transaction Required Prepare the necessary journal entries for (a) Franklin, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries FRANKLIN, INC. GENERAL JOURNAL Description Debit Credit Date Apr. 20 0 $ 0 0 0 Sold merchandise to Lind Stores terms 2/10, 1/30. 27 0 0 0 Merchandise returned by Lind Stores 29 Cash 0 OOO 0 Received amount due from Lind Stores Sellers journal entries Buyer's journal entries LIND STORES GENERAL JOURNAL Description Debit Credit Date Apr. 20 $ 0 $ 0 0 0 Purchase of merchandise from Franklin, Inc. terms 2/10, 1/30. 27 0 0 0 0 Returned goods to Franklin, Inc., for credit. 29 0 0 e 0 0 Cash 0 0 Paid amount due to Franklin, Inc