The following transactions are for Ivanhoe Company. 1. On December 3, Ivanhoe Company sold $662,200 of merchandise to Bridgeport Co., on account, terms 2/10, n/30,FOB destination. Ivanhoe paid $350 for freight charges. The cost of the merchandise sold was $351,200. 2. On December 8 , Bridgeport Co. was granted an allowance of $26,200 for merchandise purchased on December 3 . 3. On December 13, Ivanhoe Company received the balance due from Bridgeport Co. No. Date Account Titles and Explanation Debit Credi 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. (To record freight charges) 3. Assume that Ivanhoe Company received the balance due from Bridgeport 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 0 for the amounts.)