5.5

1/10,n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3 . 3. On December 13, Alonzo Company received the balance due from Arte Co, Instructions a. Prepare the journal entries to record these transactions on the books of Alonzo Company. Alonzo uses a perpetual inventory system. b. Assume that Alonzo Company received the balance due from Arte 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