Presented below are selected transactions of Molina Company. Molina 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 Dodson Company for $5,000, terms 2/10, n/30. |
|
3 |
Dodson Company returned merchandise worth $500 to Molina. |
|
9 |
Molina collected the amount due from Dodson Company from the March 1 sale. |
|
15 |
Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card. |
|
31 |
Molina added 1.5% monthly interest to the customer”s credit card balance. |
Instructions
Prepare journal entries for the transactions above.