Journal Entries for Merchandise Transactions on Seller's and Buyer's Records-Periodic System The following are selected transactions for Fenton, Inc., during the month of January: Jan. 18 Sold and shipped on account to Lawrence Stores merchandise for $17,500 with terms of 2/10, n/30. Jan. 25 Lawrence Stores was granted a $1,600 allowance on goods shipped January 18. Jan. 27 Received from Lawrence Stores a check for full settlement of the January 18 transaction. Required Prepare journal entries for (a) Fenton, Inc., and (b) Lawrence Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries Date Jan. 18 25 FENTON, INC. GENERAL JOURNAL Description + Sold merchandise to Lawrence Stores terms 2/10, n/30. > Lawrence Stores granted an allowance. 27 Cash Received amount due from Lawrence Stores. + $ Debit $ Credit

Journal Entries for Merchandise Transactions on Seller's and Buyer's Records-Periodic System The following are selected transactions for Fenton, inc, during the month of January: Required Prepare journal entries for (a) Fenton, Inc, and (b) Lawrence Stores. Both companies use the periodic inventory system. Prepare journal entries for (a) Fenton, Inc., and (b) Lawrence Stores. Both companies use the pen Sellers journal entries Buyer's journal entries Cash Paid amount due to Fenton. inc