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.