Date Debit Credit March 2 878600 Account Titles and Explanation Accounts Receivable Sales Revenue (To record sale of merchandise) Cost of Goods Sold 878600 March 2 562200 Inventory 562200 March 12 (To record return of merchandise) March 12 Current Attempt in Progress Prepare the journal entries to record the following transactions on Oriole Company's books using a perpetual inventory system. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record joumal entries in the order presented in the problem.) (a) On March 2, Oriole Company sold $878,600 of merchandise to Sage Hill Company on account, terms 3/10,n/30. The cost of the merchandise sold was $562,200. (b) On March 6, Sage Hill Company returned $118.800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61.000 (c) On March 12, Oriole Company received the balance due from Sage Hill Company. Date Account Titles and Explanation Accounts Receivable Debit Credit March 2 878600 878600 Sales Revenue (To record sale of merchandise) Cost of Goods Sold March 2 v 562200 Inventory 562200 March 12 (To record return of merchandise)