Presented below are selected transactions of Menge Company. Menge sells in large Journalize entries related to quantities
Question:
Presented below are selected transactions of Menge Company. Menge sells in large Journalize entries related to quantities to other companies and also sells its product in a small retail outlet. accounts receivable.
March 1 Sold merchandise on account to Lynda Company for $3,800, terms 2/10, n/30. — (LO 2)
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.
Step by Step Answer:
Financial Accounting
ISBN: 9780470929384
8th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather