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 0 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, Ivanhoe Company sold $882,900 of merchandise to Metlock Company on account, terms 3/10, n/30. The cost of the merchandise sold was $527,900. (b) On March 6, Metlock Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (c) On March 12, Ivanhoe Company received the balance due from Metlock Company.

Calculation of Balance Due from Metlock

Sales:                                                           $882,900

Less Returns                                                $ 107,600

Equals                                                          $ 775,300

Less 3% Discount on $775,300                 $23,259

Balance:                                                       $752,041

Explanation:

See Attachment

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