Prepare the journal entries to record the following transactions on H. Hunt Company's books using a perpetual inventory system.

(a) On March 2, H. Hunt Company sold \(\$ 900,000\) of merchandise to B. Streisand Company, terms \(2 / 10, n / 30\). The cost of the merchandise sold was \(\$ 600,000\).

(b) On March 6, B. Streisand Company returned \(\$ 120,000\) of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was \(\$ 80,000\).

(c) On March 12, H. Hunt Company received the balance due from B. Streisand Company.