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Presented below are selected transactions of Kingbird Company. Kingbird sells in large quantities to other companies and also sell product in a small retail
Presented below are selected transactions of Kingbird Company. Kingbird sells in large quantities to other companies and also sell product in a small retail outlet. March 1 Sold merchandise on account to Kirk Company for $5,100, terms 2/10, n/30. March 3 Kirk Company returned merchandise worth $600 to Kingbird. March 9 Kingbird collected the amount due from Kirk Company from the March 1 sale. March 15 Kingbird sold merchandise for $10,200 in its retail outlet. The customers used their Kingbird credit card. March 31 Kingbird added 1.5% monthly interest to the customers' credit card balance. April 10 Kingbird collected $3,599 from credit card customers. (a) Prepare journal entries for the transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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