Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a...
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Accounting
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) On March 2, Ivanhoe Company sold $882,900 of merchandise to Metlock Company on account, terms 3/10,n/30. The cost of the merchandise sold was $527,900. (b) On March 6, Metlock Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (c) On March 12, Ivanhoe Company received the balance due from Metlock Company. (To record cost of goods returned)
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