The following transactions are for Cullumber Company 1. On December 3, Cullumber Company sold $517,600 of merchandise to Pharoah Co., terms 1/10,n/30. The cost of the merchandise sold was $319,300. 2 On December 8, Pharoah Co. was granted an allowance of $24,000 for merchandise purchased on December 3. On December 13, Cullumber Company received the balance due from Pharoah Co. 3. (a) Prepare the journal entries to record these transactions on the books of Cullumber Company. Cullumber Company uses a perpetual inventory system. If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Credit Date Debit 1 (To record credit sale) (To record cost of merchandise sold) 2 3. Dec 13 (b) Assume that Cullumber Company received the balance due from Pharoah 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. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit