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On March 2, Ivanhoe Company sold $821,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $603,000.

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On March 2, Ivanhoe Company sold $821,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $603,000. (Credit account titles are automatically indented when amount is entered. C not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 821000 Sales Revenue 821000 To record credit sale) Cost of Goods Sold 03000 Inventory 603000 (To record cost of merchandise sold) eTextbook and Media List of Accounts Attempts: 4 of 15 used (b) On March 6, Bridgeport Company returned $82,100 of the merchandise purchased on March 2. The cost of the returned merchandise was $61,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record merchandise returned)

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