The following transactions are for Pharoah Company. (1) On December 3 Pharoah Company sold $598,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $319,000. On December 8 Thomson Co. was granted an allowance of $30,000 for merchandise purchased on December 3. On December 13 Pharoah Company received the balance due from Thomson Co. (2) (3) Prepare the journal entries to record these transactions on the books of Pharoah Company, Pharoah uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credt sale) (To record cost of good sold) Question 8 of 26 - / 10 (To record cost of good sold) Assume that Pharoah Company received the balance due from Thomson 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 the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2