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Make the journal entries to record the transactions

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Question - Make the journal entries to record the following transactions on Sarasota Company's books under a perpetual inventory system.

On March 2, Ivanhoe Company sold $839,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000.

On March 6, Sarasota Company returned $83,900 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,300.

On March 12, Ivanhoe Company received the balance due from Sarasota Company.

Reference no: EM132657501

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