The following transactions are the Skysong Company.

$1.$ On December $3,$ Skysong Compaany Sold $$513,500$ of merchandise to Sheridan Co$.$ on account, terms $3/10,$ n$/10.$ The cost of the merchandise sold was $$318300.$

$2.$ On December $8,$ Sheridan Co$.$ was granted an allowance of $$24700$ for merchandise purchased on december $3.$

$3.$ On December $13,$ Skysong Company recived thhe balance due from Sheridan Co$.$

$1.$ Prepare the journal entries to record these transaction on the books of Skysong Company uses a prepetual inventory system.

$2.$ Assume the Skysong COmpany recived the balance due from Sheridan Co$.$ on january $2$ of the follwoing year instead of December $13.$ Prepare the Journal Entry to record the receipt of payment on January $2.$