Journal Entries for Merchandise Transactions on Seller's and Buyer's Books—Perpetual System The following are selected transactions for Lamont, Inc

Accounting Oct 07, 2020

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:
June
21
28
30
Sold and shipped on account to Lowery Company, $9,880 ($9,000 cost) of merchandise, with terms of 2/10, Lowery Company returned defective merchandise billed at $780 on June 21 ($710 cost.) 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.

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