i'm Course Content / Chapter 5 / Chapter 5 Assignment Chapter 5 Assignment 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: 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 Date June 21 21 28 28 1 65F 30 Buyer's Journal Entries LAMONT, INC. GENERAL JOURNAL Description Cost of merchandise sold to Lowery Company. Sold merchandise to Lowery Company terms 2/10, n/30. Merchandise returned by Lowery Company.

Prepare the necessary journal entries for (a) Lamont, Inc., and (b) Lowery Company. Both companies use the perpetual inventory system