Presented below are selected transactions of Menge Company. Menge sells in large Journalize entries related to quantities

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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.

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Financial Accounting

ISBN: 9780470929384

8th Edition

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

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