View Policies Current Attempt in Progress The following transactions are for Skysong Company. 1 On December 3, Skysong Company sold $513.500 of merchandise to Sheridan Co. on account, terms 3/10,1/30. The cost of the merchandise sold was $318,300. On December 8, Sheridan Co. was granted an allowance of $24,700 forhandise purchased on December 3. On December 13, Skysong Company received the balance due from Sheridan Co. 2 3 la) 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 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 1 (To record sale of merchandise on account) Question 33 of 34 (To record sale of merchandise on account) (To record cost of merchandise sold on account) 2 (b) 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. (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) Question 33 of 34 -14 3. (b) Assume that Skysong Company received the balance due from Sheridan Co. on January 2of 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 List of Accounts Sove for Later Attempts: 0 of 1 used Submit