Exercise 5-5 Presented below are transactions related to Yarrow Company. 1. On December 3, Yarrow Company sold $670,800 of merchandise to Lampkins Co., terms 1/10, n/30, FOB shipping point. The cost of the merchandise sold was $390,100. 2. On December 8, Lampkins Co. was granted an allowance of $25,900 for merchandise purchased on December 3 3. On December 13, Yarrow Company received the balance due from Lampkins Co (a) Prepare the journal entries to record these transactions on the books of Yarrow Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titdes and Explanation Debit Credit 1. Dec. 3 To record credit sale.) (To record cost of merchandise sold.) 2. Dec. 8 . Dec. 13