Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516,800 of merchandise to Cullumber Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $310,100. 2. On December 8, Cullumber Co. was granted an allowance of $23.300 for merchandise purchased on December 3. 3. On December 13, Marin Company received the balance due from Cullumber Co. (a) Prepare the journal entries to record these transactions on the books of Marin. Marin uses a perpetual inventory system. (If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts. Cre No. Date Account Titles and Explanation Debit Credit 1. (To record sale of merchandise on account) (To record cost of merchandise sold on account) Assume that Marin Company received the balance due from Cullumber 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. Date Account Titles and Explanation Debit Credit Jan. 2