1. adv 2. Exercise 5-04 Your answer is partially correct. Try again. The following transactions are for Hetlock Company 3. (a) On December 3, Matlock Company sold $451.100 of merchandise to Ivanhoe Co, an account, tem 1/30, 30. The cost of the merchandse On December 8, Ivanhoe Co. was granted an allowance of $23.300 for marchandise purchased on December 3 On December 13, Metlock Company received the balance due from Ivanhoe Co. Prepare the Joumal entries to record these transactions on the books of Metlack Metlock uses a perpetual inventory system (if account titles are automatically indented when amount is entered. Do not indent manually. No. Account Titles and Explanation Accounts Receivable Debit Credit 451,100 451,100 (Torecard sale of merchandise on account) 315,600 315,000 Inventory Cr record cost of merchandise sold an act sales Returns and Allowances 23.300 ES 2. Dec. 8 v Sales Returns and Allowances 23,300 Accounts Receivable 23,300 3. Dec. 13 Cash 23,300 v Sales Discounts 23,300 Accounts Receivable 427,800 (b) Assume that Metlock Company received the balance due from Ivanhoe Co. on January 2 of the following year instead of Camber 12. Prepare the journal entry to read theref select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when asunt Date Account Titles and Explanation Jan. 2 Cash Accounts Receivable Debit Crede 427,000 Click if you would like to Show Work for this question: Coen Sha Wark 1009