MP3 D @wsu GLP w Canvas Lib SL D Compare and Other Bookma Kimmel, Accounting, e CALCULATOR PRENTER VERSION Exercise 5-3 The following transactions are for Alonzo Company 1. On December 3, Alonzo 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3 3 On December 13, Alonzo Company received the balance due from Arte Co. Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000 transactions on the books of Alonzo Company. Alonzo Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is No. Date Account Titles and Explanation 1. entered. Do not indent manually.) Debit To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the recelpt of paryment on No Entry for the account titles and enterfor the amounts Credit account titles are automatically indented when amount is entered. anuary 2. (If no entrys required, select Do not indent manually.)