The following transactions are for Skysong Company. 1. On December 3. Skysong Company sold $479,600 of merchandise to Sheridan C0, on account, terms 1/10, n/30, The cost of the merchandise sold was $325,500. 2. On December 8 , Sheridan Co. was granted an allowance of $24,500 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. (a) Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. Of no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Credit occount titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Credit occount titles are automaticaily indented when amount is entered. Do not indent manuolly) Assume that Skysong Company received the balance due from Sheridan 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 ( lif no entry is required, select "No Entry" for the occount titles and enter of for the amounts. Credit occount titles are automaticolly indented when amount is entered. Do not indent manually