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Journal Entries for Merchandise Transactions on Sellers and Buyers BooksPerpetual System The following are selected...

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Accounting

Journal Entries for Merchandise Transactions on Sellers and Buyers BooksPerpetual System

The following are selected transactions for Lamont, Inc., during the month of June:

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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 Sold and shipped on account to Lowery Company, $3,000 ($2,000 cost) of merchandise, with terms of 2/10, n/30. Lowery Company returned defective merchandise billed at $300 on June 21 ($210 cost.) Received from Lowery Company a check for full settlement of the June 21 transaction. 28 30 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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