1. On December 3, Sage Hill Company sold $537,500 of merchandise to Oriole Co., on account, terms 2/10,n/30. The cost of the merchandise sold was $314,800. On December 8, Oriole Co. was granted an allowance of $24,900 for merchandise purchased on December 3. On December 13, Sage Hill Company received the balance due from Oriole Co. 2. 3. a) repare the journal entries to record these transactions on the books of Sage Hill. Sage Hill uses a perpetual inventory system. (If no ntry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when mount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit No. 1. (To record sale of merchandise on account) 3. (b) Assume that Sage Hill Company received the balance due from Oriole Co. on January 2 of the following year instead of Decembe 13. Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 2