1 The following transactions are for Teal Mountain Company On December 3. Teal Mountain Company sold 5453, 100 of merchandise to Sandhill Co, on account, terms 1/10, 1/30. The cost of the merchandise sold was $317,100. On December 8, Sandhill Co. was granted an allowance of $22.800 for merchandise purchased on December 3. 3. On December 13, Teal Mountain Company received the balance due from Sandhill Co. 2 (a) Prepare the journal entries to record these transactions on the books of Teal Mountain. Teal Mountain uses a perpetual inventory system. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Credit Accounts Recevable Date Debit 13 453100 453100 Sales Revenge (To record sale of merchandise on account) Coat of Goods Sold 10 317100 317100 Inventory (To record cost of merchandise sold on account) Sales Return and Allowances 2200 Accounts Recevable 22000 Sales Discounts Account Recalable (b) Assume that Teal Mountain Company received the balance due from Sandhill 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. Of no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically Indented when amount is entered. Do norindent manually Debit Credit Date Account Titles and Explanation Jan 2 Cash 1 Accounts Receivable