Presented here are selected transactions of Palmer Company. Palmer sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Grey Company for $6,000, terms 2/10, n/30. 3 Grey Company returned merchandise worth $600 to Palmer. 9 Palmer collected the amount due from Grey Company from the March 1 sale. 15 Palmer sold merchandise for $10,000 in its retail outlet. The customers used their Palmer credit cards. 31 Palmer added 1% monthly interest to the customers' credit card balance. April 10 Palmer collected $3,050 from credit card customers. Instructions Prepare journal entries for the selected transactions.
Presented here are selected transactions of Palmer Company. Palmer sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 Sold merchandise on account to Grey Company for $6,000, terms 2/10, n/30.
3 Grey Company returned merchandise worth $600 to Palmer.
9 Palmer collected the amount due from Grey Company from the March 1 sale.
15 Palmer sold merchandise for $10,000 in its retail outlet. The customers used their Palmer credit cards.
31 Palmer added 1% monthly interest to the customers' credit card balance.
April 10 Palmer collected $3,050 from credit card customers.
Instructions
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