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.
Solution
Molina Company
Journal Entries
Journal Entries
