Prepare the journal entries to record the following transactions on Novak Corp.s books using a perpetual inventory system. On March 2. Novak Corp. sold $842,000 of merchandise on account to Sarasota Company, terms 2/10,n/30. The cost of the merchandise sold was $547,000. (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.) Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) On March 6, Sarasota Company returned $84,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,700. (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 (To record merchandise returned) (To record cost of merchandise returned) On March 12, Novak Corp.received the balance due from Sarasota Company. (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.) Account Titles and Explanation Debit Credit