Question: Answer BE5-5 please Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system. On March 2, Kwang

Answer BE5-5 please Answer BE5-5 please Prepare the journal entries to record the following

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 to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000. On March 6, Sensat Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000. On March 12, Kwang Company received the balance due from Sensat Company. From the information in BE5-4, prepare the journal entries to record these transactions on Sensat Company's books under a perpetual inventory system

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