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

Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record Journal entries in the order presented in the problem.) (a) (6) on March 2, Blossom Company sold $ 850,000 of merchandise to Sunland Company, terms 2/10,n/30. The cost of the merchandise sold was $ 500,000 On March 6, Sunland Company returned $ 100,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $ 60,000 On March 12, Blossom Company received the balance due from Sunland Company Date Account Titles and Explanation Debit Credit March 2 Inventory 850000 Accounts Payable 850000 (To record sale of merchandise) 850000 Accounts Payable (To record sale of merchandise) March 6 1 (To record return of merchandise) March 12