E5 - 5 B Presented below are transactions related to Sweetwood Company* 1 . On December 3, Sweetwood Company sold $ 400, 000 of merchandise to Reves Co .. LETus 2/10, 1/30, FOR shipping point . The cost of the merchandise sold was $ 240, 000. 2 . On December &, Roves Co. was granted an allowance of $ 20, 000 for merchandise pur- chased on December 3 . 3. On December 13, Sweetwood Company received the balance due from Reves Co. Instructions ( a ) Prepare the journal entries to record these transactions on the books of Sweetwood Company using a perpetual inventory system . (6) Assume that Sweetwood Company received the balance due from Roves Co. on Janu - ary ? of the following year instead of December 13 . Prepare the journal Entry to record the receipt of payment on January 2