Prepare the journal entries to record the following transactions on Rowen Oven & Range books using a

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Prepare the journal entries to record the following transactions on Rowen Oven & Range books using a perpetual inventory system. LO6

(a) On March 2, Rowen sold $800,000 of merchandise to Mosquera Eateries, terms 2/10, n/30.

The cost of the merchandise sold was $580,000.

(b) On March 6, Mosquera 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, Rowen received the balance due from Mosquera.

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