E BusinessCourse Question. Not complete Marked out of 52.00 Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System The following are selected transactions for Candello, Inc., during the month of June: June 18 Sold and shipped on account to Dante Company, $6,000 ($3.000 cost) of merchandise, with terms of 2/10, n/30. 25 Dante Company returned merchandise billed at $800 on June 21 ($300 cost.) 27 Received from Dante Company a check for full settlement of the June 18 transaction. a. Required Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory system. Date June 18 18 25 Return to course 25 CANDELLO, INC. GENERAL JOURNAL Description Sold merchandise to Dante Company terms 2/10, n/30. P Flag question Cost of merchandise sold to Dante Company, Merchandise returned by Dante Company Sales Discounts Cost of merchandise returned by Dante Company Recerved amount out from Dance Company + ** 4. + Debit DANTE COMPANY GENERAL JOURNAL Credit Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory sy a. Date June 18 18 25 25 27 0 : Sold merchandise to Dante Company terms 2/10, n/30. Date June 18 CANDELLO, INC. GENERAL JOURNAL Description Cost of merchandise sold to Dante Company. Merchandise returned by Dante Company. Cost of merchandise returned by Dante Company 25 Sales Discounts Accounts payable Accounts Receivable Returned merchandise to Candello, inc e # Cash Paid amount due to Candello, Inc. + + # 0 Cash Cast of Goods Sold Inventory Sales Revenue O Sales Returns and Allowances Sales Discounts = Purchased merchandise from Candello, inc: terms 2/10, 30 Debit NAL # Debit Credit Credit b. Date June 18 Received amount due from Dante Company. 25 27 Check Purchased merchandise from Candello, Inc.: terms 2/10, n/30. DANTE COMPANY GENERAL JOURNAL Description Returned merchandise to Candello, Inc. Cash Paid amount due to Candello, Inc. Save Answers Copuriens 2010 Camba ( ( 4 Debit Credit b. 25 25 27 Date June 18 25 Merchandise returned by Dante Company. 27 Cost of merchandise returned by Dante Company. Sales Discounts Check Received amount due from Dante Company. Returned merchandise to Candello, Inc. Pa Accounts payable Accounts Receivable Cash Cost of Goods Sold Inventory Sales Revenue Sales Returns and Allowances 00 DANTE COMPANY GENERAL JOURNAL Description Save Sales Discounts # Purchased merchandise from Candello, Inc.: terms 2/10, 1/30, + V 0 # 00 oo 0 Debit Credit