Presented below are selected transactions of Menge Company. Menge sells in large quantities to other companies and

Question:

Presented below are selected transactions of Menge Company. Menge sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 Sold merchandise on account to Lynda Company for $3,800, terms 2/10, n/30.
3 Lynda Company returned merchandise worth $500 to Menge.
9 Menge collected the amount due from Lynda Company from the March 1 sale.
15 Menge sold merchandise for $200 in its retail outlet. The customer used his Menge credit card.
31 Menge added 1.5% monthly interest to the customer's credit card balance.

Instructions
Prepare journal entries for the transactions above.

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Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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