Exercise 5-3 Your answer is partially correct. Try again. The following transactions are for Ivanhoe Company. On December 3, Ivanhoe Company sold $537.500 of merchandise to Oriole Co., terms 2/10, n/30. The cost of the merchandise sold was $314,800. 1. On December 8, Oriole Co. was granted an allowance of $24,900 for merchandise purchased on December 3. 2. On December 13, Ivanhoe Company received the balance due from Oriole Co. 3. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe Company uses a perpetual inventory system. (If no entry is re "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not inde Credit Debit Account Titles and Explanation Date No. 537500 Accounts Receivable 1 Dec. 3 537500 Sales Revenue (To record credit sale) 314800 Cost of Goods Sold 314800 Inventory merchsndice snld)