ACME Distribution, Inc. December 31, 2016 Selected Transactions Read through the information below for selected transactions during the month of December, 2016 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached On December 5, ACME purchased $56,250 of merchandise on account from Indiana Corp terms 3/10, n/30 Date Account description Debit Credit Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was $3,390 and the terms of the sale were 2/15, n/30 Date Account description Debit Credit On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage of the purchase discount. Date Account description Debit Credit On December 15, Lee Corp requested credit for $500 of defective merchandise included in their December 7 purchase. We granted them an allowance and they disposed of the defective merchandise at our request Date Account description Debit Credit Lee Corp paid their balance due taking the sales discount offered on December 19 Date Account description Debit Credit