prepare the journal entries to record these transactions

View Policies Current Attempt in Progress The following transactions are for Sage Hill Company, 1. On December 3, Sage Hill Company sold $537,500 of merchandise to Oriole Co on account, terms 2/10, 1/30. The cost of the merchandise sold was $314800, 2. On December 8, Oriole Co. was granted an allowance of $24.900 for merchandise purchased on December 3. 3. On December 13, Sage Hill Company received the balance due from Oriole Co. (a) Prepare the journal entries to record these transactions on the books of Sage Hill, Sage Hill uses a perpetual inventory system. Of 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 manual) No. Date Account Titles and Explanation Debit Credit 1 (To record sale of merchandise on account) (To record cost of merchandise sold on account) 2 o e 3 (b) Assume that Sage Hill Company received the balance due from Oriole Coon January 2 of the following year instead of December 13. Prepare the Journal entry to record the receipt of payment or anuary 2. Of no entry lyquired, 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 mandaly) Date Account Titles and Explanation Jan. 2 Debit Credit e Textbook and Media State Attempts: 0 of used Smit Anwer G 0 o