BE5-2 Giovanni Company buys merchandise on account from Gordon Company. The selling price of the goods is 780, and the cost of the goods is 560. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. BE5-3 Prepare the journal entries to record the following transactions on Benson Company, Ltd.'s books using a perpetual inventory system. (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.