(Answered) Problemprepare the journal entries to record the following

Accounting

Problem

Prepare the journal entries to record the following transactions on Novy Company's books using 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.

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