Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable. E8.2 (LO 1), AP The following 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 Sold merchandise on account to 1 Dodson Company for $5,000, terms 2/10, n/30. 3 Dodson Company returned merchandise with a sales price of $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. Molina added 1.5% monthly interest to the customer's credit card balance. 31 Instructions Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.)