Brief Exercise 220 Prepare a tabular summary to record the following transactions for Markowitz Company' using a perpetual inventory system. On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, on account. The cost of the merchandise sold was $70,000. On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. On February 16 Markowitz Company received the balance due from the Lyman Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities Stockholder's Equity Retained Earnings - Exp. - Div. Cash * Accounts Receivable * Inventory Accounts Payable * Common Stock Rev. Feb. 6 Sales revenue HA Cost of goods sold 8 Sales returns & allowances Cost of goods sold 16 Click if you would like to Show Work for this question: Open Show Work