Accounting for Receivables

Problem-9: Accounting for Receivables

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 1Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30.
3Dodson Company returned merchandise worth $500 to Molina.
9Molina collected the amount due from Dodson Company from the March 1 sale.
15Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card.
31Molina 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

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