prepare the journal entries

for Merchandising Operations E5.5 (LO 3), AP The following transactions are for R. Humphrey Company. 1. On December 3, R. Humphrey Company sold $570,000 of merchandise to Frazier Co., on account, terms 1/10,n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost of the merchandise sold was $350,000. 2. On December 8 . Frazier Co. was granted an allowance of $20,000 for merchandise purchased on December 3 . 3. On December 13, R. Humphrey Company received the balance due from Frazier Co. Instructions a. Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system. b. Assume that R. Humphrey Company received the balance due from Frazier 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