Question: Presented below are selected transactions of Molina Company Molina sells

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.

Prepare journal entries for the transactions above.

View Solution:

Sale on SolutionInn
  • CreatedJanuary 30, 2014
  • Files Included
Post your question