on sei System The following are selected transactions for Lamont, Inc., during the month of June: June 21 Sold and shipped on account to Lowery Company, 510,880 ($10,000 cost) of merchandise, with terms of 2/10, n/30. 28 Lowery Company returned defective merchandise billed at $1,080 on June 21 (1,010 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 Credit Debit 10,880 0 0 10,880 10,000 0 0 10,000 . LAMONT, INC. GENERAL JOURNAL Date Description June 21 Accounts Receivable Sales Revenue Sold merchandise to Lowery Company terms 2/10, /30. 21 Cost of Goods Sold Inventory Cost of merchandise sold to Lowery Company 28 Sales Returns and Allowances Accounts Receivable . Merchandise returned by Lowery Company 28 Inventory Cost of Goods Sold Cost of merchandise returned by Lowery Company 30 Cash Sales Discounts Accounts Receivable Received amount due from Lowery Company 1,080 0 0 1,080 1,010 0 0 1,010 OOO OOO 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 LOWERY COMPANY GENERAL JOURNAL Description Debit Credit Date June 21 0 0 . 0 0 Purchased merchandise from Lamont, Inc; terms 2/10, 1/30 28 0 0 0 0 Returned merchandise to Lamont, Inc 30 . . 0 0 0 0 0 0 Cash Paid amount due to Lamont, Inc Please answer all parts of the