The following transactions are for Pharoah Company. On December 3, Pharoah Company sold $536, 100 of merchandise to Ivanhoe Co., terms 3/10, n/30. The cost of the merchandise sold was $317, 400. On December 8, Ivanhoe Co. was granted an allowance of $24, 800 for merchandise purchased on December 3. On December 13, Pharoah Company received the balance due from Ivanhoe Co. Prepare the journal entries to record these transactions on the books of Pharoah Company. Pharoah Company uses a perpetual inventory system. Assume that Pharoah 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