Question 3 of 5 -/4 Presented below are transactions related to Sheridan Company 1. On December 3, Sheridan Company sold $670,600 of merchandise to Concord Co. terms 1/10, 1/30, FOB destination Sheridan paid $680 for freight charges. The cost of the merchandise sold was $396,900. On December 8, Concord Co. was granted an allowance of $25,000 for merchandise purchased on December 3, On December 13, Sheridan Company received the balance due from Concord Co. 2. 3. Prepare the journal entries to record these transactions on the books of Sheridan Company 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.) No. Date Account Titles and Explanation Debit Cred 1 (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. > 3