Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 5PA: Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of...
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![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 1
6
Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30.
Dodson Company returned merchandise with a sales price of $500 to Molina.
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. (Ignore cost of goods sold entries and explanations.) (Credit account titles are
automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
March 1 く
Accounts Receivable
Sales Revenue
March 3 く
Sales Returns and Allowances
Accounts Receivable
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53cf45df-00ed-4350-ab63-58203d5a8051%2Fb425caf8-e7bf-45f7-be74-70740720b5d3%2F66s935e9_processed.png&w=3840&q=75)
Transcribed Image Text: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 1
6
Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30.
Dodson Company returned merchandise with a sales price of $500 to Molina.
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. (Ignore cost of goods sold entries and explanations.) (Credit account titles are
automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
March 1 く
Accounts Receivable
Sales Revenue
March 3 く
Sales Returns and Allowances
Accounts Receivable
Debit
Credit
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