# Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual...

###### Question:

Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost of the merchandise sold was$527,900. (b) On March 6, Ivanhoe Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was$66,800. (c) On March 12, Metlock Company received the balance due from Ivanhoe Company. No. Date Account Titles and Explanation Debit Credit (a) Cost of Goods Sold Cost of Goods Sold Inventory

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