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.
| March 1 Don't use plagiarized sources. Get Your Custom Essay on prepare journal entries for the transactions above 617236 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | 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.
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