Business, 17.02.2020 17:23 KylaChanel4756
"The following are selected transactions for Kim, Inc., during the month of June: June 21 Sold and shipped on account to Lowery Company, $4,000 ($2,000 cost) of merchandise, with terms of 2/10, n/30. 28 Lowery Company returned defective merchandise billed at $400 on June 21 ($200 cost.) 30 Received from Lowery Company a check for full settlement of the June 21 transaction. Prepare the necessary journal entries for (a) Kim, Inc., and (b) Lowery Company. Both companies use the perpetual inventory system."
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