(Solved): 1. Prepare the journal entries to record the following transactions for the Adams Company The compa ...

1. Prepare the journal entries to record the following transactions for the Adams Company The company does not use a perpetual inventory systern; thus, they do not record cost of goods sold. Any time in this class, when we record sales, we will make this assumption unless you are told otherwise. (a) On March 2, Adams Company sold $\$900,000$ of merchandise to the Bates Company, terms $2/10,n/30$. (b) On March 6, Bates Company returned $\$200,000$ of the merchandise purchased on March 2. (c) On March 12, Adams Company received the balance due from Bates Company.