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1. Exercise 5-04 The following transactions are for Arte Company. On December 3, Arte Company sold $500,000 of merchandise to Alonzo Co., on account, terms 1/10, 1/30. The cost of the merchandise sold was $330,000. 2. On December 8, Alonzo Co. was granted an allowance of $25,000 for merchandise purchased on December 3 3. On December 13, Arte Company received the balance due from Alonzo Co. Prepare the journal entries to record these transactions on the books of Arte. Arte uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Debit Credit Account Titles and Date Explanation Enter an account Choose a transaction title for journal date for number 1 entry 1 to record credit sale enter a debit amount enter a credit amount 1. Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount (To record sale of merchandise on account) Enter an account title for journal Choose a transaction date for number 1 entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount Enter an account title for journal enter a debit amount enter a credit amount entry 2 to record cost of merchandise sold (To record cost of merchandise sold on account) (To record cost of merchandise sold on account) Choose a transaction title for the third Enter an account date for number 2 journal entry enter a debit amount enter a credit amount 2. Enter an account title for the third journal entry enter a debit amount enter a credit amount Enter an account Choose a transaction title for the journal date for number 2 entry on December 13 enter a debit amount enter a credit amount 3. Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b) Assume that Arte Company received the balance due from Alonzo 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 "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. enter an account title enter a debit amount enter a credit amount 2 enter an account title enter a debit amount enter a credit amount