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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. Sold merchandise on account to Dodson Company for $5,000, terms 6/10, n/30. Dodson Company returned merchandise worth $1,000 to Molina. Molina collected the amount due from Dodson Company from the March 1 sale. Molina sold merchandise for $600 in its retail outlet. The customer used his Molina credit card. Molina added 1.0% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above
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