Bookmarks Window Help a mybusinesscourse.com Menu QUESTION 7 Partiaily correctMark 11.92 out of 20.00 ag question 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: Sold and shipped on account to Lowery Company, $9,880 (59,000 cost) of merchandise, with terms of 2/10,n/30 June 21 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. a. LAMONT, INC. GENERAL JOURNAL Date Description Debit Credit June 21 Accounts Receivable Sales Revenue Sold merchandise to Lowery Company terms 2/10, n/30 21 Cash ory Bookmarks Window Help Tue 7:05 PM mybusinesscourse.com E Menu 21 Cash Cash Cost of merchandise sold to Lowery Company 28 Sales Returns and Allowances Accounts Receivable Merchandise returned by Lowery Company 28 Sales Revenue Cost of Goods Sold Cost of merchandise returned by Lowery Company 30 Cash Sales Discounts P1u FS F7 F8 Esi, Tue 7:05 PM ? story Bookmarks Window Help mybusinesscourse.com E Menu Accounts Receivable Received amount due from Lowery Company. b. LOWERY COMPANY GENERALJOURNAL Date Description Debit Credit June 21 Inventory Accounts payable Purchased merchandise from Lamont, Inc.; terms 2/10, n/30. 28 Accounts payable Inventory Returned merchandise to Lamont, Inc 30 Accounts payable X S