Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system.
On March 2, Blossom Company sold $801,000 of merchandise on account to Ayayi Company, terms 2/10, n/30. The cost of the merchandise sold was $521,000.
On March 6, Ayayai Company returned $80,100 of the merchandise purchased on March 2. The cost of the returned merchandise was $52,100.
On March 12, Blossom Company received the balance due from Ayayai Company.