the following transactions are for kale company

Project Description:

(1) on december 3 kale company sold 400,000 of merchandise to thomson co. terms 1/10,n/10. the cost of the merchandise sold was 320,000.
(2) on december 8 thomson co. was granted an allowance of 20,000 for mechandise purchased on december 3
(3) on december 13 kale company received the balance due from thomson co.

intrustions

(a) prepare the journal entries to record these transactions on the books of kale company.
(b) assume that kale company received the balance due from thomson 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.
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