Presented below are selected transactions of Santos Company. Santos sells in large quantities to other companies and also sells its product in a small retail outlet.
|
March |
1 |
Sold merchandise on account to Jaclyn Company for $3,000, terms 2/10, n/30. |
|
3 |
Jaclyn Company returned merchandise worth $500 to Santos. |
|
|
9 |
Santos collected the amount due from Jaclyn Company from the March 1 sale. |
|
|
15 |
Santos sold merchandise for $400 in its retail outlet. The customer used his Santos |
|
|
credit card. |
||
|
31 |
Santos added 1.5% monthly interest to the customer’s credit card balance. |
Instructions
Prepare journal entries for the transactions above.