The following transactions are for Shamrock Company. 1 On December 3, Shamrock Company sold $ 517,600 of merchandise to Pharoah Co, on account, terms 1/10,n/30. The cost of the merchandise sold was $ 319,300, On December 8, Pharoah Co. was granted an allowance of $ 24,000 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 2 3 Prepare the journal entries to record these transactions on the books of Shamrock. Shamrock uses a perpetual inventory system. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 517600 Sales Revenue 517600 (To record sale of merchandise on account) Dec, 3 Cost of Goods Sold 319.300 Inventory 31000 (To record cost of merchandise sold on account) Dec 8 Sales Returns and Allowances 24000 Accounts Receivable Dec 13 493,600 Sales Discounts 5176 Assume that Shamrock Company received the balance due from Pharoah 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 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 Cash 492600 Accounts Payable 493,600