Prepare the journal entries to record the following transactions on Novak Corp.’s books using a perpetual inventory system. (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
a) On March 2, Novak Corp. sold $887,400 of merchandise to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $571,700.
b) On March 6, Sarasota Company returned $103,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,500.
c) On March 12, Novak Corp. received the balance due from Sarasota Company.

Joint cost cheyenne, inc. produces three products from a common input. the joint costs for a typical quarter follow: direct materials $45,000 direct labor 55,000 overhead 60,000 the revenues from each product are as follows: product a $75,000 product b 80,000 product c 30,000 management is considering processing product a beyond the split-off point, which would increase the sales value of product a to $116,000. however, to process product a further means that the company must rent some special equipment costing $17,500 per quarter. additional materials and labor also needed would cost $12,650 per quarter. a. what is the gross profit currently being earned by the three products for one quarter? $answer b. what is the effect on quarterly profits if the company decides to process product a further? $answer