From the information in BE, prepare the journal entries to record these transactions on Edgebrook Company's books under a perpetual inventory system.
(a) On March 2, Benson Company sold $800,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
(b) On March 6, Edgebrook Company returned $120,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $90,000.
(c) On March 12, Benson Company received the balance due from Edgebrook Company.