The following transactions are for Teal Mountain Company 1 On December 3, Teal Mountain Company sold $512, 300 merchandise to Sandhill Co, an account, terms 2/10, 1/30. The cost of the merchandise sold was $213,500. 2. On December 8, Sandhill Co. was granted an allowance of $22,900 for merchandise purchased on December 3 3. On December 12, Teal Mountain Company received the balance due from Sandhill Co. Prepare the journal entries to record these transactions on the boaks af Teal Mountain. Teal Mountain uses a perpetual inventary system. (no entry is required, select 'No Entry for the account titles and enter for the amounts. Credit account titles are autamatically indented when amount is entered Do not indent manually No. Date Account Titles and Explanation Debit Credit (To record sale of merchandise on account) (To record cost af merchandise sold an account) 2. 'no entry is required, select " Wo Entry for the countries and enter for the amounts Credit Assume that Tcal Mountain Company receved the balance due from Sandhill 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 accountilles are automatically indeniled when amount is entered. Do not inden microlly Date Account Titles and Explanation Debit Credit Jan 2