Answer Happy

Prepare the journal entries to record the following transactions on Martinez Company's books under a perpetual inventory system. (a) On March 2, Carla Vista Company sold $825,000 of merchandise on account to Martinez Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit