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
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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
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.
15
Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card.
31 Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest.
3
9
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
Transcribed Image Text: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 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. 15 Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card. 31 Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest. 3 9 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
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