Exercise 5-3 The following transactions are for Sheridan Company . On December 3, Sheridan Company sold $512,700 of merchandise to Crane Co, terms 1/10, nv/30. The cost of the merchandise sold was 5321,500 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3 3. On December 13, Sheridan Company received the balance due from Crane Co as 5512 Score are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (To record credit sale) (T. record cost of merchandise sold) 2. 3. Dec. 13 acement1