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Presented below are selected transactions of Blue Apparel. Blue sells in large quantities to other companies and also sells its product in a small retail
Presented below are selected transactions of Blue Apparel. Blue sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Jennifer Company for CHF5,000, terms 6/10,n/30. 3 Jennifer Company returned merchandise worth CHF1,000 to Blue. 9 Blue collected the amount due from Jennifer Company from the March 1 sale. 15 Blue sold merchandise for CHF1,400 in its retail outlet. The customer used his Blue credit card. 31 Blue 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 5,000 Sales Revenue 5,000 March 3 Sales Returns and Allowances 1,000 Accounts Receivable 1,000 March 9 Cash Sales Discounts Accounts Receivable March 15 Accounts Receivable Sales Revenue March 31 Accounts Receivable Interest Revenue
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