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Presented below are transactions related to Tamarisk, Inc.. 1. On December 3, Tamarisk, Inc. sold...

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Accounting

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Presented below are transactions related to Tamarisk, Inc.. 1. On December 3, Tamarisk, Inc. sold $670,800 of merchandise on account to Culver Co, terms 3/10,n/30,FOB shipping point. The cost of the merchandise sold was $373,300. 2. On December 8, Culver Co. was granted an allowance of $29,200 for merchandise purchased on December 3 . 3. On December 13, Tamarisk, Inc, received the balance due from Culver Co. (b) Assume that Tamarisk, Inc, received the balance due from Culver 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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