Prepare journal entries to record the following transactions on Horst Company'sb books using perceptual inventory system.
a. On march 2 company sold $800000 of merchandise to bbernila company terms 2/10, n/30. the cost of the merchandise sold was $540000.
b. On march 6 bernial company returned $140000 of merchandise purchased. the cost of merchandise returned was $94000.
c. On march 12 horst company received the balance due from bernila company