The following transactions are for Metlock Company L 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually) No. Date Account Titles and Explanation (To record sale of merchandise on account) (To record cost of megchandise sold on account) Debit Credi (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