Presented below are selected transactions of Menge Company. Menge sells in large quantities to other companies and
Question:
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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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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