On March $12,$ Widharse Compary recched the balance due from Swifty Company.

Account titles and Explanation

On March $2,$ Wildhorse Company sold $$870,000$ of merchandise on account to Swifty Company, terms $\frac{1}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$612,000.($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To record credit sale$)$

$$

$($To record cost of m

On March $6,$ Swifty Company returned $$87,000$ of the merchandise purchased on March $2.$ The cost of the returned merchandise was $$64,200.($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Sales Returns and Allowances

$($To record merchandise returned$)$

Inventory

$($To record cost of merchandise returned$)$

On March $12,$ Wildhorse Company received the balance due from Swifty Company. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation Crediterchandise sold$)$

$$