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Presented below are transactions related to Carla Vista Company 1. On December 3, Carla Vista Company sold $622,200 of merchandise on account to Kingbird Co.,

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Presented below are transactions related to Carla Vista Company 1. On December 3, Carla Vista Company sold $622,200 of merchandise on account to Kingbird Co., terms 4/10,n/30, FOB shipping point. The cost of the merchandise sold was $372,100. 2. On December 8, Kingbird Co. was granted an allowance of $20,300 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Kingbird Co. Prepare the journal entries to record these transactions on the books of Carla Vista Company using a perpetual inventory system (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) 2. 3. Dec 13 Assume that Carla Vista Company received the balance due from Kingbird 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts

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