Presented below are transactions related to Pharoah Company, 1. On December 3, Pharoah Company sold $606,000 of merchandise on account to Flounder Co, terms 3/10, 1/30, FOB destination. Pharoah paid $380 for freight charges. The cost of the merchandise sold was $384.100. On December 8, Flounder Co. was granted an allowance of $29,500 for merchandise purchased on December 3. On December 13, Pharoah Company received the balance dup from Flounder Co. 2. 3. Assume that Pharoah Company received the balance due from Flounder 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.) Date Account Titles and Explanation Debit Credit Jan 2