Exercise 5-04 The following transactions are for Larkspur Company. 1. On December 3, Larkspur Company sold $519,300 of merchandise to Crane Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $329,200. 2. On December 8, Crane Co. was granted an allowance of $24,100 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record these transactions on the books of Larkspur. Larkspur uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit accou No. Date Account Titles and Explanation Debit Credit (To record sale of merchandise on account) (To record cost of merchandise sold on account) 2. (b) Assume that Larkspur Company received the balance due from Crane 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. (If no entry is required, select "N. entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 Click if you would like to Show Work for this question: Open Show Work