Presented below are selected transactions of Pina Colada Company. Pina Colada 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 $13,600, terms 6/10, n/30. 3- Dodson Company returned merchandise worth $1,200 to Pina Colada. Pina Colada collected the amount due from Dodson Company from the March 1 sale. Pina Colada sold merchandise for $3,000 in its retail outlet. The customer used his Pina Colada credit card. Pina Colada added 1.0% monthly interest to the customer's credit card balance. 9 15 31 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 Debit Credit
Presented below are selected transactions of Pina Colada Company. Pina Colada 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 $13,600, terms 6/10, n/30. 3- Dodson Company returned merchandise worth $1,200 to Pina Colada. Pina Colada collected the amount due from Dodson Company from the March 1 sale. Pina Colada sold merchandise for $3,000 in its retail outlet. The customer used his Pina Colada credit card. Pina Colada added 1.0% monthly interest to the customer's credit card balance. 9 15 31 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 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Presented below are selected transactions of Pina Colada Company. Pina Colada 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 $13,600, terms 6/10, n/30.
3- Dodson Company returned merchandise worth $1,200 to Pina Colada.
Pina Colada collected the amount due from Dodson Company from the March 1 sale.
Pina Colada sold merchandise for $3,000 in its retail outlet. The customer used his Pina Colada credit card.
Pina Colada added 1.0% monthly interest to the customer's credit card balance.
9
15
31
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
Debit
Credit
111
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