Question
Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail
Presented below are selected transactions of Molina Company. Molina 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 $11,000, terms 4/10, n/30.
March 3 Dodson Company returned merchandise worth $400 to Molina.
March 9 Molina collected the amount due from Dodson Company from the March 1 sale.
March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used his Molina credit card.
March 31 Molina added 1.4% monthly interest to the customers credit card balance.
Prepare journal entries for the transactions above
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