Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system. (a) On March 2, Sheridan Company sold $995,000 of merchandise on account to Concord Company, terms 2/10, n/30. The cost of the merchandise sold was $575,000. (L 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 (To record credit sale) (To record cost of merchandise sold) Debit Credit