Prepare the journal entries to record the following transactions on Sheffield Corp.'s books using a perpetual inventory system. On March 2, Concord Company sold $854,000 of merchandise on account to Sheffield Corp., terms 3/10, n/30. The cost of the merchandise sold was $581,000. (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 Accounts Receivable Sales Revenue On March 6, Sheffield Corp.returned $85,400 of the merchandise purchased on March 2. The cost of the returned merchandise was $58,100. Credit account titles are automatically inden ted when amount is entered. Do not indent manualf no entry S require se o Entry. r he account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cost of Goods Sold Inventory On March 12, Concord Company received the balance due from Sheffield Corp.. (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