Presented below are transactions related to Metlock, Inc. 1. On December 3, Metlock, Inc. sold $618,600 of merchandise on account to Monty Co., terms 2/10, 1/30, FOB shipping point. The cost of the merchandise sold was $367,900. On December 8, Monty Co. was granted an allowance of $28,200 for merchandise purchased on December 3. On December 13, Metlock, Inc. received the balance due from Monty Co. 2. 3. Prepare the journal entries to record these transactions on the books of Metlock, Inc. 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.) Credit Debit Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) I Assume that Metlock, Inc. received the balance due from Monty 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