ES Presented below are transactions related to Marin Company, Ltd. 1. On December 3, Marin sold HK$584,100 of merchandise to South China Co., Ltd. terms 2/10, 1/30, FOB shipping point. The cost of the merchandise sold was HK$367,800. 2. On December 8, South China was granted an allowance of HK$26,900 for merchandise purchased on December 3. 3. On December 13, Marin received the balance due from South China. (a) Prepare the journal entries to record these transactions on the books of Marin Company, Ltd. using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. (To record the sale.) (To Record cost of merchandise sold.) 2. 3. Dec. 13 Debit Credit No. Date Account Titles and Explanation 1. (To record the sale.) (To record cost of merchandise sold.) 2 3. Dec. 13 (b) Assume that Marin Company, Ltd. received the balance due from South China Co., Ltd. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit