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Presented below are selected transactions of Marigold Company. Marigold sells in large quantities to other companies and also sells its product in a small retail
Presented below are selected transactions of Marigold Company. Marigold sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 | Sold merchandise on account to Dodson Company for $14,000, terms 3/10, n/30. | |
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3 | Dodson Company returned merchandise worth $700 to Marigold. | |
9 | Marigold collected the amount due from Dodson Company from the March 1 sale. | |
15 | Marigold sold merchandise for $500 in its retail outlet. The customer used his Marigold credit card. | |
31 | Marigold added 1.20% monthly interest to the customers credit card balance. |
Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.)
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