Prepare the journal entries to record the following transactions on Panther Company’s books using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.)

(a) On March 2 Panther Company sold $853,700 of merchandise to Eagle Company, terms 3/10, n/30. The cost of the merchandise sold was $575,500.
(b) On March 6 Eagle Company returned $113,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,530.
(c) On March 12 Panther Company received the balance due from Eagle Company.
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Accounts received

2/3

Account Receivable 853.700
Sales 853.700
Cost of goods sold 575.500
Inventory 575.500

6/3
Sales Return 113.900
Account Receivable 113.900
Inventory 66.500
Cost of goods sold 66.500

12/3
(853.000-113.900) = 739.100
Disc : 739.100 x 3% = 22.173

Cash 716.297
Sales Discount 22.173
Account Receivable 739.100
Inventory 22.173
Cost of goods sold 22.173

To prepare the journal entries for the transactions mentioned, let's go step by step:

(a) Sales transaction:
The first entry is to record the sale of merchandise to Eagle Company. The total sales amount is $853,700, and the cost of goods sold is $575,500. The terms are 3/10, n/30, indicating a 3% cash discount if paid within 10 days, with the balance due in 30 days.

The journal entry for this transaction would be:

Date: March 2
Accounts Receivable $853,700
Sales Revenue $853,700

Cost of Goods Sold $575,500
Inventory $575,500

In this entry, we debit the Accounts Receivable for the total sales amount and the Cost of Goods Sold for the cost associated with the sale. We credit Sales Revenue for the sales amount and reduce the inventory by crediting it.

(b) Sales return transaction:
Eagle Company returns some of the merchandise purchased on March 2. The merchandise value returned is $113,900, and the cost associated with the return is $66,530.

The journal entry for this transaction would be:

Date: March 6
Sales Returns and Allowances $113,900
Accounts Receivable $113,900

Inventory $66,530
Cost of Goods Sold $66,530

In this entry, we debit Sales Returns and Allowances for the sales return amount and reduce the Accounts Receivable by crediting it. Additionally, we credit the Inventory for the cost associated with the return and debit the Cost of Goods Sold.

(c) Collection of accounts receivable:
On March 12, Panther Company receives the balance due from Eagle Company. In this case, there is no need to record a journal entry as the transaction is just the collection of accounts receivable.

Remember, an Accounts Receivable Subsidiary Ledger should be maintained to track details of individual customer transactions, including any cash discounts or delayed payment terms.

It's important to note that these journal entries are illustrative examples and should be adjusted as per the specific chart of accounts and accounting practices of Panther Company.