Business, 12.03.2020 21:10 raenfall455

Prepare the journal entries to record the following transactions on Novak Corp.’s books using a perpetual inventory system. (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
a) On March 2, Novak Corp. sold $887,400 of merchandise to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $571,700.
b) On March 6, Sarasota Company returned $103,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,500.
c) On March 12, Novak Corp. received the balance due from Sarasota Company.

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Prepare the journal entries to record the following transactions on Novak Corp.’s books using a perp...

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