Acc280 Financial Accounting: BE5-4 Prepare the journal entries (Churchill Company)

Acc280 Financial Accounting
BE5-4
Prepare the journal entries to record the following transactions on Churchill Company's books using a perpetual inventory system.
(a) On March 2, Monroe Company sold $900,000 of merchandise to Churchill Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
(b) On March 6, Churchill Company returned $120,000 of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was $90,000.
(c) On March 12, Monroe Company received the balance due from Churchill Company. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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