The following transactions are for Ivanhoe Company 1 2. 3. On December 3, Ivanhoe Company sold $ 537,500 of merchandise to Oriole Coterms 2/10, 1/30. The cost of the merchandise sold was $314,800 On December 8, Oriole Co. was granted an allowance of $24,900 for merchandise purchased on December 3. On December 13, Ivanhoe Company received the balance due from Oriole Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe Company uses a perpetual inventory system (I 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. Date Account Tities and Explanation Credit (To record credit sale) (To record cost of merchandise sold) (To record cost of merchandise sold) 3. Dec 13 Assume that Ivanhoe Company received the balance due from Orio C on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. ( ne entry is required, select "No Entry for the accounts and enter for the amount Credit account s are automatically indated when amount is entered Do not indent manually) Date Account Tities and Explanation