Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system. a. February 14: Benson Inc.'s...

Extracted text: Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system. a. February 14: Benson Inc.'s merchandise was sold to Dylex Corporation for $700 under credit terms of 2/30, n/60, FOB shipping point. The cost of the merchandise was $630. b. February 28: Dylex Corporation paid Benson Inc. the balance due. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry. a) Dylex Corporation b) Benson Inc. General Journal Page GJ4 General Journal Page GJ7 Date Account/Explanation E Debit Credit Date Account/Explanation E Debit Credit + - + - + -| +