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s. (1) Prepare the journal entries to record the...

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Accounting

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s. (1) Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system. (2) Prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system. a. On March 2, Novy Company sold $900,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $590,000. b. On March 6, Opps Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000 c. On March 12, Novy Company received the balance due from Opps Company

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