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

system.

$($a$)$

On March $2,$ Novy Company sold $$900,000$ of merchandise on account to Opps Company, terms $\frac{2}{10},\frac{n}{30}.$ The cost

of the merchandise sold was $$590,000.($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 O for the amounts.$)$

$($b$)$

On March $6,$ Opps Company returned $$90,000$ of the merchandise purchased on March $2.$ The cost of the returned

merchandise was $$62,000.($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 O for the

amounts.$)$

$($C$)$

On March $12,$ Novy Company received the balance due from Opps Company. $($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.$)$

Prepare the entry for both the buyer and the seller $-$ we are using Perpetual

At the end of the period it is determined that the actual count on the inventory is $150,500-$ however the system is

showing $$150,000$ in Inventory $-$ Please prepare the adjusting entry.