Presented below are transactions related to Rebecca Company.

1. On December 3, Rebecca Company sold $480,000 of merchandise to Simonis Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $350,000.

2. On December 8, Simonis Co. was granted an allowance of $27,000 for merchandise purchased on December 3.

3. On December 13. Rebecca Company received the balance due from Simonis Co.

Instructions

(a) Prepare the journal entries to record these transactions on the books of Rebecca Company using a perpetual inventory system.

(b) Assume that Rebecca Company received the balance due from Simonis Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.