Question

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 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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  • CreatedJanuary 30, 2014
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