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The following transactions are for Oriole Company. (1) (2) (3) On December 3 Oriole Company sold $588,000 of merchandise to Thomson Co.,terms 1/10, 1/30. The cost of the merchandise sold was $305,000 On December 8 Thomson Co. was granted an allowance of $18,000 for merchandise purchased on December 3. On December 13 Oriole Company received the balance due from Thomson Co. Prepare the journal entries to record these transactions on the books of Oriole Company. Oriole uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Accounts Receivable 588000 Dec. 3 588000 Sales Revenue (To record credt sale) Cost of Goods Sold Dec. 3 305000 305000 Inventory (To record cost of good sold) Sales Returns and Allowances Dec 8 18000 Accounts Receivable 18000 Dec. 13 Cash 564300 Sales Discounts 5700 Accounts Receivable 570000 Assume that Oriole Company received the balance due from Thomson 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 2