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Brief Exercise 5-04 a-c Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system. On March 2, Kwang Company sold $900,000 of merchandise on account to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000. (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, Sensat Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000. (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 merchandise returned) (To record cost of merchandise returned) On March 12, Kwang Company received the balance due from Sensat Company. (Credit account tities 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 SHOW LIST OF ACCOUNTS LINK TO TEXT