Prepare journal entries to record the following transactions on Novy Company's books using a perpetual inventory system.

On March 2, Novy Company sold $971,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000.

Account Titles and Explanation	Debit	Credit
(To record credit sale)

(To record cost of merchandise sold)

On March 6, Opps Company returned 97,100 of the merchandise purchased on March 2. The cost of the returned merchandise was 61,000.

Account Titles and Explanation	Debit	Credit
(To record merchandise returned)
(To record cost of merchandise returned)

On March 12, Novy Company recieved the balance due from Opps Company.

Account Titles and Explanation	Debit	Credit