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The following transactions are for Skysong Company 1. On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co, on account, terms 3/10, 1/30. The cost of the merchandise sold was $318,300 2. On December 8, Sheridan Co. was granted an allowance of $24.700 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. Prepare the journal entries to record these transactions on the books of Skysong Skysong uses a perpetual inventory system (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit (To record sale of merchandise on account) (To record cost of merchandise sold on account) Assume that Skysong Company received the balance due from Sheridan Coon 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 for the amounts Credit account titles are automatically indented when amount is entere. Do not indent manually) Debit Credit Date Account Titles and Explanation Jan.2