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