Prepare the journal entries to record the following transactions on Monroe Company's books using a perpetual inventory system.

(a) On March 2, Monroe Company sold $900,000 of merchandise to Churchill Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.

Description Debit Credit

Accounts Receivable 900000
Sales 900000
Cost of Goods Sold 620000
Merchandise Inventory 620000
(To record cost of merchandise sold.)


(b) On March 6, Churchill Company returned $120,000 of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was $90,000.


Description Debit Credit
Sales Returns and Allowances 120000
Accounts Receivable 120000
Merchandise Inventory 90000
Cost of Goods Sold 90000
(To record cost of merchandise sold.)


(c) On March 12, Monroe Company received the balance due from Churchill Company. (List multiple debit/credit entries in descending order of amount.)

Description/Account Debit Credit
Cash
Sales Discounts
Accounts Receivable


The only part that im missing is excercise C. what is the cash amount, Sales discout amount, and accounts receivable amount?

Also, would anybody like to be my tutor? I am really struggling in this class and I need help ASAP.

thanks a lot.