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Question(s) / Instruction(s):

(ACCT2020)Prepare the journal entries to record the following transactions on Ramirez Company\'s books using a perpetual inventory system.

(a)          On March 2 Ramirez Company sold $800,000 of merchandise to Ikerd Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000.

(b)          On March 6 Ikerd Company returned $110,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $75,000.

(c)           On March 12 Ramirez Company received the balance due from Ikerd Company.

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