Exercise 5-5 (Part Level Submission)

Presented below are transactions related to Sunland Company.

1.		On December 3, Sunland Company sold $650,000 of merchandise on account to Oriole Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $353,600.
2.		On December 8, Oriole Co. was granted an allowance of $29,500 for merchandise purchased on December 3.
3.		On December 13, Sunland Company received the balance due from Oriole Co. The second part is not from the exact question since I could not open that part without completing part A. So this is from an online source. Try to tell me how to do this one as well. PLEASE

Exercise 5-5 (Part Level Submission) Presented below are transactions related to Sunland Company. 1. On December 3, Sunland Company sold $650,000 of merchandise on account to Oriole Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $353,600. 2. On December 8, Oriole Co. was granted an allowance of $29,500 for merchandise purchased on December 3. 3. On December 13, Sunland Company received the balance due from Oriole Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 Click if you would like to Show Work for this question: Open Show Work Assume that Bogner Company received the balance due from Maris 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2