I need help solving # BE 5-3

Brief Exercises 249 BE5-2 Rita Compa price of the goods i perpetual inventor company buys merchandise on account from Linus Company. The selling Joumalize perpetual inventory The goods is $900 and the cost of the goods sold is $590. Both companies use entries. ventory systems. Journalize the transactions on the books of both companies. (L0 2.3). AP a BE5-3 Prepare the jou (a) On March 2.1 Prepare the journal entries to record the following transactions on Borst Company's Journalize sales transactions. boks using a perpetual inventory system. March 2, Borst Company sold $800,000 of merchandise to McLeena Company, (LO 3), AP rms 2/10, n/30. The cost of the merchandise sold was $540,000. March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000. .) On March 12, Borst Company received the balance due from McLeena Company. RE5-4 From the information in BE5-3, prepare the journal entries to record these transac- Journalize purchase transactions. tions on McLeena Company's books under a perpetual inventory system. (LO 2), AP BE5-5 Barto Company provides this information for the month ended October 31, 2017: Prepare sales section of income sales on credit $300,000, cash sale $150,000, sales discounts $5,000, and sales returns statement. and allowances $19,000. Preparate sales section of the income statement based on this (LO4), AP fi placement of ions on a