Question: In the space below, prepare general journal entries, without explanations, for the merchandising transactions listed below for Lowell Company. Assume use of the perpetual inventory

In the space below, prepare general journal entries, without explanations, for the merchandising transactions listed below for Lowell Company. Assume use of the perpetual inventory system, Net Method for Sales only. May 1 Sold merchandise to Cento Company for $10,000, terms 3/15, n/45, goods cost $6,000. 2 Purchased merchandise from Source Corporation for $5,000, terms 3/15, n/30. 3 Gave credit to Cento Company for merchandise returned, $1,000. Cost

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