Your answer is partially correct Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system (I no entry is required, select "Ne Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) (a) On March 2. Borst Company sold $800,000 of merchandise to McLeena Company on account, terms 2/10, 1/30 The cost of the merchandise sold was $540,000 (b) On March 6, McLeena Company returned $140.000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94.000 (c) On March 12. Borst Company received the balance due from Mcleena Company Date Account Titles and Explanation Debit Credit March 2: Acco 000 Sales Revenue nooooo (To record sale of merchani 0.35 /0.5 III Date Account Titles and Explanation Debit March 2 Accounts Receivable Credit 00000 Sales Revenue DOGO (To record sale of merchandise) March 2 Cost of Goods Sold 540000 Inventory 540000 March 6 2 Accounts Payable 140000 Inventory 100000 (To record return of merchandise) March 12 Cash Sales Discounts March 12 Accounts Receivable March 6 Accounts Payable 140000 Inventory 140000 (To record return of merchandise) March 12 Cash Sales Discounts March 12 Accounts Receivable Cash Accounts Receivable