Presented below are transactions related to Sheridan Gourmet. 1. On December 3, Sheridan sold HK $670,600 of merchandise on account to Concord Ltd., terms 4/10,n/30,FOB shipping point. The cost of the merchandise sold was HK$396,900. 2. On December 8 , Concord was granted an allowance of HK$25,000 for merchandise purchased on December 3. 3. On December 13, Sheridan received the balance due from Concord. Prepare the journal entries to record these transactions on the books of Sheridan, 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.) DateAccountTitlesandExplanation (To record medit sale) (To record cost of merchandise sold) Assume that Sheridan received the balance due from Concord 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 omount is entered. Do not indent manually. If no entry Is required, select "No Entry" for the account tities and enter O for the amounts