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1)prepare journal entries for the transactions above. Presented below are selected transactions of Vaughn Company. Vaughn sells in large quantities to other companies and also

1)prepare journal entries for the transactions above. image text in transcribed
Presented below are selected transactions of Vaughn Company. Vaughn sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 Sold merchandise on account to Dodson Company for $13,600, terms 6/10, n/30. Dodson Company returned merchandise worth $1,200 to Vaughn. Vaughn collected the amount due from Dodson Company from the March 1 sale. Vaughn sold merchandise for $1,600 in its retail outlet. The customer used his Vaughn credit card. 31 Vaughn added 1.0% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit March 1 Accounts Receivable 13600 Sales Revenue 13600 March 3 Sales Returns and Allowances 1200 Accounts Receivable 1200 March 9 Cash Sales Discounts Accounts Receivable March 15 Accounts Receivable Sales Revenue March 31 Accounts Receivable Interest Revenue

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