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On March 2, Novy Company sold $900,000 of merchandise on account to Opps Company, terms...

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Accounting

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On March 2, Novy Company sold $900,000 of merchandise on account to Opps Company, terms 2/10, 1/30. The cost of the merchandise sold was $590,000. automatically indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Credit Debit (To record credit sale) (To record cost of merchandise sold) On March 6, Opps Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000. Indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit (To record merchandise returned) (To record cost of merchandise returned) On March 12, Novy Company received the balance due from Opps Company. (Credit manually.) Account Titles and Explanation Debit Credit

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