Question 2 Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual inventory system. On March 2, Pharoah Company sold $906,000 of merchandise on account to Riverbed Company, terms 2/10, n/30. The cost of the merchandise sold was $583,000. (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) LINK TO TEXT VIDEO TUTORIAL On March 6, Riverbed Company returned $90,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $58,300. (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, Pharoah Company received the balance due from Riverbed 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