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