Presented below are transactions related to Crane Gourmet On December 3, Crane sold HK$572,300 of merchandise on account to Blue Ltd., terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was HK$371,400. 1. 2. On December 8, Blue was granted an allowance of HK$25,200 for merchandise purchased on December 3. 3. On December 13, Crane received the balance due from Blue. Prepare the journal entries to record these transactions on the books of Crane, 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 O for the amounts.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts (To record credit sale) (To record cost of merchandise sold) Assume that Crane received the balance due from Blue 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 O for the amounts.) Date Account Titles and Explanation Debit Credit eTextbook and Media