On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $577,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $577,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) SHOW LIST OF ACCOUNTS