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<\/div><\/div><\/div> 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, $9,880 ($9,000 cost) of merchandise, with terms of 2\/10, n\/30. 28 Lowery Company returned defective merchandise billed at $780 on June 21 ($710 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 LAMONT, INC. GENERAL JOURNAL Date Description Debit Credit June 21 Accounts Receivable V 0 x OV Sales Revenue OV O X Sold merchandise to Lowery Company terms 2\/10, n\/30. 21 Cost of Goods Sold O X OV Inventory V OV O X Cost of merchandise sold to Lowery Company. 28 Sales Returns and Allowances V O X O V Accounts Receivable V OV O X Merchandise returned by Lowery Company. 28 Inventory V O X OV Cost of Goods Sold V OV 0 X Cost of merchandise returned by Lowery Company. 30 Cash V O X OV Sales Discounts O X Accounts Receivable V OV O X Received amount due from Lowery Company.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, $9,880 ($9,000 cost) of merchandise, with terms of 2\/10, n\/30. 28 Lowery Company returned defective merchandise billed at $780 on June 21 ($710 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 LOWERY COMPANY GENERAL JOURNAL Date Description Debit Credit June 21 Inventory V 0 X O V Accounts payable V 0 x Purchased merchandise from Lamont, Inc.; terms 2\/10, n\/30. 28 Accounts payable V O X O V Inventory V OV 0 X Returned merchandise to Lamont, Inc. 30 Accounts payable V O X O V Inventory V OV 0 x Cash OV 0 X Paid amount due to Lamont, Inc",
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