Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.

1. On March 2, Ivanhoe Company sold $688,000 of merchandise to Oriole Company on account. The cost of the merchandise sold was $464,400.
2. On March 6, Oriole Company returned $120,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $80,840.
3. On March 12, Ivanhoe Company received the balance due from Oriole Company.

• Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.
• Increases in expenses require a negative sign or parentheses.
• Reductions in revenues require a negative sign or parentheses.

Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) On March 2, Ivanhoe Company sold $688,000 of merchandise to Oriole Company on account. The cost of the merchandise sold was $464,400. (b) On March 6, Oriole Company returned $120,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $80,840. (c) On March 12, Ivanhoe Company received the balance due from Oriole Company. - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses