Prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system.
On March 2, Novy Company sold $997,000 of merchandise to Opps Company, terms 3/10, n/30. The cost of the merchandise sold was $583,000.
On March 6, Opps Company returned $99,700 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,300
(3) On March 12, Novy Company received the balance due from Opps Company.