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

$($a$)$

Your answer is partially correct.

On March $2,$ Pharoah Company sold $$800,000$ of merchandise on account to Flounder Company, terms $\frac{2}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$565,000.($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit