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

system. $($If no entry is required, select $"$No Entry" for the account titles and enter $O$ 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$)$ On March $2,$ Splish Brothers Company sold $$899,700$ of merchandise to Sunland Company on account,

terms $\frac{2}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$525,600.$

$($b$)$ On March $6,$ Sunland Company returned $$111,400$ of the merchandise purchased on March $2.$ The cost of the

merchandise returned was $$69,800.$

$($c$)$ On March $12,$ Splish Brothers Company received the balance due from Sunland Company.

Account Titles and Explanation

Credit

Inventory

Accounts Payable

Accounts Payable

Inventory

Accounts Payable

Inventory