On December 12, 2021, Pace Electronics received $42,000 cash from Wyher, Inc., an advance payment, toward an all-cash sale of $420,000 of diodes to be completed on January 16, 2022. No credit terms were extended, meaning that the remaining payment of cash was required from Wyher at completion of the sale. What journal entries should Pace record on December 12, 2021 and January 16, 2022? Pace uses a periodic inventory system, meaning that entries for cost of goods sold and inventory are done at time of physical inventory count, which is typically done at the end of each month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)