Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer fest. Both companies use the perpetual inventory method. Assume a 360 day year View the transactions. (Record debits first, then credits. Exclude explanations from journal entries.) (1) Begin by recording all entries for the buyer. June 11: Lott Company sold $11,500 of merchandise costing $5,100 on account to Randall Company. Date June 11 Account Titles: Debit Credit July 11: Lott Company received a 90-day, $3,000, 6% note for a time extension of a past-due account of Randall Company Date July 11 Account Titles: Debit Credit 4