Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system.

Journalize perpetual inventory entries.

(LO 2, 3)

Journalize sales transactions.

(LO 3)

(a) On March 2, Benson Company sold $800,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.

(b) On March 6, Edgebrook Company returned $120,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $90,000.

(c) On March 12, Benson Company received the balance due from Edgebrook Company.

BES5-4 From the information in BE5-3, prepare the journal entries to record these transactions on Edgebrook Company's books under a perpetual inventory system.

BES-5 At year-end, the perpetual inventory records of Salsa Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $94,600. Record the necessary adjusting entry.