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, 1/30. The cost of the merchandise sold was $319,300. 2. On December 8, Pharoah Co. was granted an allowance of $24,000 for merchandise purchased on December 3. 3. On December 13, Shamrock Company received the balance due from Pharoah Co. Prepare the journal entries to record these transactions on the books of Shamrock. Shamrock uses a perpetual inventory system. Of 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) No. Date Account Titles and Explanation Debit Credit Dec 31 I (To record sale of merchandise on account) (To record cost of merchandise sold on account) (To record cost of merchandise sold on account) 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