Prepare the journal entries to record these transactions on Kesler
Company’s books using a periodic inventory system. (List multiple
debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
(a) On March 2, Kesler Company purchased $800,000 of merchandise from Rice Company, terms 2/10, n/30.
(b) On March 6 Kesler Company returned $110,000 of the merchandise purchased on March 2.
(c) On March 12 Kesler Company paid the balance due to Rice Company.
