Brief Exercise 5-05 a-c Prepare the journal entries to record the following transactions on Novak Company's books under a perpetual inventory system. On March 2, Wildhorse Company sold $916,000 of merchandise on account to Novak Company, terms 2/10, n/30. The cost of the merchandise sold was $597,000. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit On March 6, Novak Company returned $91,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,900. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit