The following transactions are for Skysong Company.
1. On December 3, Skysong Company sold $479,600 of merchandise to Sheridan Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $325,500.
2. On December 8, Sheridan Co. was granted an allowance of $24,500 for merchandise purchased on December 3.
3. On December 13, Skysong Company received the balance due from Sheridan Co.
Required:
Prepare the journal entries to record these transactions on the books of Crane Company. Crane Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)