Brad Company buys merchandise on account from Murray Company. The selling price

Brad Company buys merchandise on account from Murray Company. The selling price
of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory
systems. Journalize the transaction on the books of both companies.
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Prepare the journal entries to record the following transactions on Derrick Company’s
books using a perpetual inventory system.
(a) On March 2, Derrick Company sold $900,000 of merchandise to Rose Company, terms 2/10,
n/30. The cost of the merchandise sold was $620,000.
(b) On March 6, Rose Company returned $90,000 of the merchandise purchased on March 2.
The cost of the returned merchandise was $62,000.
(c) On March 12, Derrick Company received the balance due from Rose Company.

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