Presented below are transactions related to Splish Brothers Inc. 1. On December 3, Splish Brothers Inc. sold $586,700 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $391,300, 2. On December 8, Sheffield Co. was granted an allowance of $28,000 for merchandise purchased on December 3 3. On December 13, Splish Brothers Inc. received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Splish Brothers 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 O for the amounts.) No. Date Account Titles and Explanation 1. Debit Credit To record credit sale) To record cost of merchandise sold) 2. 3. Dec. 13