Sto 093 Prepare the journal entries to record the following transactions on Novak Company's books using a perpetual inventory system - Your answer is partially correct. On March 2. Wildhorse Company sold 977,000 of merchandise on account to Novak Company, terms 2/10, 1/30. The cost of the merchandise sold was 652,000. (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 for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 977,000 Sales Revenue 977,000 e Textbook and Media List of Accounts Your answer is partially correct. On March 6, Novak returned 131,000 of the merchandise purchased on March 2. The cost of the returned merchandise was 82,000. (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) Debit Credit Account Titles and Explanation Cost of Goods Sold 82.000 82,000 Inventory eTextbook and Media List of Accounts On March 12, Wildhorse received the balance due from Novak. (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 for the amounts.) Account Titles and Explanation Debit Credit Cash B29,080 Sales Discounts 16,920 846,000 Accounts Receivable e Textbook and Media List of Accounts Attempts: 2 of 3 used Submit Answer Save for later