Prepare the journal entries to record these transactions on Opps Companys books under a perpetual inventory system.

(a)On March 2, Novy Company sold $801,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $521,000

(b)On March 6, Opps Company returned $80,100 of the merchandise purchased on March 2. The cost of the returned merchandise was $52,100

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