The following transactions are for Metlock Company.

1.		On December 3, Metlock Company sold $451,100 of merchandise to Ivanhoe Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $315,600.
2.		On December 8, Ivanhoe Co. was granted an allowance of $23,300 for merchandise purchased on December 3.
3.		On December 13, Metlock Company received the balance due from Ivanhoe Co.

(a) Prepare the journal entries to record these transactions on the books of Metlock. Metlock uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2	Enter an account title for journal entry 1 to record credit sale	enter a debit amount	enter a credit amount
		Enter an account title for journal entry 1 to record credit sale	enter a debit amount	enter a credit amount
		(To record sale of merchandise on account)
	Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2	Enter an account title for journal entry 2 to record cost of merchandise sold	enter a debit amount	enter a credit amount
		Enter an account title for journal entry 2 to record cost of merchandise sold	enter a debit amount	enter a credit amount
		(To record cost of merchandise sold on account)
2.	Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2	Enter an account title for the third journal entry	enter a debit amount	enter a credit amount
		Enter an account title for the third journal entry	enter a debit amount	enter a credit amount
3.	Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2	Enter an account title for the journal entry on December 13	enter a debit amount	enter a credit amount
		Enter an account title for the journal entry on December 13	enter a debit amount	enter a credit amount
		Enter an account title for the journal entry on December 13	enter a debit amount	enter a credit amount

(b) Assume that Metlock Company received the balance due from Ivanhoe 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 2	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount