Presented below are selected transactions of Splish Company. Splish sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $7,600, terms 4/10, n/30. Dodson Company returned merchandise worth $1,000 to Splish. Splish collected the amount due from Dodson Company from the March 1 sale. Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card. Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest. 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.)

Presented below are selected transactions of Splish Company. Splish sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $7,600, terms 4/10, n/30. Dodson Company returned merchandise worth $1,000 to Splish. Splish collected the amount due from Dodson Company from the March 1 sale. Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card. Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest. 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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