The following transactions are for Ivanhoe Company. 1. On December 3, Ivanhoe Company sold $670,800 of merchandise to Sarasota Co., on account, terms 2/10, n/30, FOB destination. Ivanhoe paid $460 for freight charges. The cost of the merchandise sold was $373,300. 2. On December 8, Sarasota Co. was granted an allowance of $29,800 for merchandise purchased on December 3. 3. On December 13, Ivanhoe Company received the balance due from Sarasota Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company using a perpetual inventory system. (List all debit entries before credit entries. 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. (To record credit sale) (To record cost of merchandise sold) Debit Cred 2. 3. (To record freight charges) eTextbook and Media (b) Assume that Ivanhoe Company received the balance due from Sarasota 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit