Prepare the journal entries to record the following transactions on H. Hunt Company’s books using a perpetual inventory system.

(a) On March 2 H. Hunt Company sold $900,000 of merchandise to B. Streisand Company, terms 2/10, n/30. The cost of the merchandise sold was $600,000.

(b) On March 6 B. Streisand Company returned $130,000 of the merchandise purchased on March 2 because it was defective. The cost of the merchandise returned was $80,000.

(c) On March 12 H. Hunt Company received the balance due from B. Streisand Company.