Prepare the journal entries to record the following transactions on Sandhill 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) (b) On March 2, Teal Mountain Company sold $851,800 of merchandise to Sandhill Company on account, terms 3/10,n/30. The cost of the merchandise sold was $537,700. On March 6, Sandhill Company returned $103,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,00q. On March 12, Teal Mountain Company received the balance due from Sandhill Company. (c) Date Debit Credit Account Titles and Explanation Accounts Receivable March 2 v 851800 Sales Revenue 851800 March 2 Cost of Goods Sold 537700 Inventory 537700 March 6 Sales Returns and Allowances 103700 Accounts Receivable 103700 Inventory 68000