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 on account to Opps Company, terms 210,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.
From the information, prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system:
