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The following transactions are the Skysong Company. 1. On December 3, Skysong...

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Accounting

The following transactions are the Skysong Company.
1. On December 3, Skysong Compaany Sold $513,300 of merchandise to Sheridan Co. on account, terms 3/10, n/10. The cost of the merchandise sold was $318300.
2. On December 8, Sheridan Co. was granted an allowance of $24700 for merchandise purchased on december 3.
3. On December 13, Skysong Company recived thhe balance due from Sheridan Co.
1. Prepare the journal entries to record these transaction on the books of Skysong Company uses a prepetual inventory system.
2. Assume the Skysong COmpany recived the balance due from Sheridan Co. on january 2 of the follwoing year instead of December 13. Prepare the Journal Entry to record the receipt of payment on January 2.

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