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Presented below are transactions related to Ivanhoe Gourmet. 1. On December 3, Ivanhoe sold HK$662,200 of merchandise on account to Bridgeport Ltd., terms 4/10, n/30,

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Presented below are transactions related to Ivanhoe Gourmet. 1. On December 3, Ivanhoe sold HK$662,200 of merchandise on account to Bridgeport Ltd., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was HK$351,200. 2. On December 8, Bridgeport was granted an allowance of HK$26,600 for merchandise purchased on December 3. 3. On December 13, Ivanhoe received the balance due from Bridgeport. Prepare the journal entries to record these transactions on the books of Ivanhoe, 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 (To record credit sale) (To record cost of merchandise sold) e Textbook and Media List of Accounts Assume that Ivanhoe received the balance due from Bridgeport 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.) Account Titles and Explanation Debit Credit

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