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RS. BE5-3 Prepare the journal entries to record the following transactions on Graff Com- pany's books using a perpetual inventory system. (a) On March 2,

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RS. BE5-3 Prepare the journal entries to record the following transactions on Graff Com- pany's books using a perpetual inventory system. (a) On March 2, Graff Company sold $800,000 of merchandise to Rodriguez Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. (b) On March 6, Rodriguez Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000. (c) On March 12, Graff Company received the balance due from Rodriguez Company

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