Brief Exercise 220 Prepare a tabular summary to record the following transactions for Markowitz Company' using a perpetual inventory system. On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, on account. The cost of the merchandise sold was $70,000. On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. On February 16 Markowitz Company received the balance due from the Lyman Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities + Stockholder's Equity Retained Earnings + + + + Cash Accounts Receivable Inventory Accounts Payable Common Stock Rev. Exp. Div. Feb. 6 105000 105000 Sales revenue $ $ $ $ $ (70000) Cost of goods sold 8 Sales returns & allowances Cost of goods sold 16