Exercise 5-3 The following transactions are for Oriole Company 1. 2. 3. On December 3, Oriole Company sold $516,800 of merchandise to Cullumber Co, terms 3/10, n/30. The cost of the merchandise sold was $310,100. On December 8, Cullumber Co. was granted an allowance of $23,300 for merchandise purchased on December 3. On December 13, Oriole Company received the balance due from Cullumber Co. Prepare the journal entries to record these transactions on the books of Oriole Company. Oriole Company uses a perpetual inventory system. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titves are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit CTO record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13