scourse.com/platform/mod/quiz/attempt.php?attempt-1617846&page-2 My Subscriptions/ Courses / ACCT225-Spring 18 Section 3M / Chapter 5/Chapter 5 LO 4&Appx A QUESTION 3 Not Complete Marked out of 40.00 pFlag question Journal Entries for Merchandise Transactions on Seller's and Buyer's Records- Periodic System The following are selected transactions for Fenton, Inc, during the month of January: Jan. 20 Sold and shipped on account to Lawrence Stores merchandise for $2,500 with terms of 2/10, n/30. Jan. 2 Lawrence Stores was granted a $700 allowance on goods shipped January 20. an. Received from Lawrence Stores a check for full setlement of the january 20 transaction. 29 Required Prepare journal entries for (a) Fenton, Inc., and (b) Lawrence Stores, Both companies use the periodic inventory system a. FENTON, INC. GENERAL JOURNAL Date Description Debit Credit Jan. 20