Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system Your answer is correct. On March 2, Sheridan Company sold $817,000 of merchandise on account to Grouper Company, terms 4/10, n/30. The cost of the merchandise sold was 576,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 817000 Sales Revenue 817000 (To record credit sale) Cost of Goods Sold 576000 Inventory 576000 To record cost of merchandise sold) SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (b) On March 6, Grouper Company returned $81,700 of the merchandise purchased on March 2. The cost of the returned merchandise was $52,700. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit To record merchandise returned) To record cost of merchandise returned)