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Prepare the journal entries to record the following transactions on Ivanhoe Companys books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)

(a)		On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost of the merchandise sold was $527,900.
(b)		On March 6, Ivanhoe Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800.
(c)		On March 12, Metlock Company received the balance due from Ivanhoe Company.

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 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.) (a) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10,n/30. The cost of the merchandise sold was $527,900. (b) On March 6, Ivanhoe Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (c) On March 12, Metlock Company received the balance due from Ivanhoe Company. Date Account Titles and Explanation Debit Credit March 2 Accounts Receivable 882900 Sales Revenue 88296 March 6 Sales Returns and Allowances 66800 Inventory 668C March 12 Cash 752041 668C Sales Discounts 23259 Accounts Receivable 77530

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