Exercise 224 (Part Level Submission) The following transactions are for Kale Company (1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold (2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3. was $320,000. (3) On December 13 Kale Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Kale Company. Kale uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Dec. 3 (To record credt sale) To record cost of good sold) (2) Dec. 8