Question: BE 5 . 5 ( LO 2 ) , Prepare the journal entries to record the following transactions on Opps Company s books under a

BE5.5(LO 2), Prepare the journal entries to record the following transactions on Opps Companys
books under a perpetual inventory system.
a. On March 2, Novy Company sold $900,000 of merchandise on account to Opps Company, terms
2/10, n/30. The cost of the merchandise sold was $590,000.
b. On March 6, Opps Company returned $90,000 of the merchandise purchased on March 2. The cost
of the returned merchandise was $62,000.
c. On March 12, Novy Company received the balance due from Opps Company.

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