The following transactions are for Ramirez Company. 1. On December 3, Ramirez Company sold $574,700 of merchandise to Novak Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $343,600. 2. On December 8, Novak Co. was granted an allowance of $32,400 for merchandise purchased on December 3. 3. On December 13, Ramirez Company received the balance due from Novak Co. Chart of Accounts Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Liabilities Accounts Payable Unearned Revenue Taxes Payable Notes Payable Stockholders' Equity. Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Insurance Expense Wages and Salaries Expense Equipment Building Land Accumulated Depreciation List debit transactions first and then list credit transactions. List debit transactions first and then list credit transactions. * Use accounts provided in the Chart of Accounts above. Do NOT create your own account. When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Prepare the journal entries to record these transactions on the books of Ramirez Company using a perpetual inventory system using the Chart of Accounts. No. Date Account Titles and Explanation Debit ($) Credit ($) 1. 12/3 To record credit sale 12/3 To record cost of merchandise sold 2. 12/8 3. 12/13 Cash Assume that Ramirez Company received the balance due from Novak Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. No. Date Account Titles and Explanation Debit ($) Credit ($) 3. 1/2