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The following are selected transactions of Blue Spruce Company. Blue Spruce sells in large quantities to other companies and also sells its product in
The following are selected transactions of Blue Spruce Company. Blue Spruce 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 $5,000, terms 6/10, n/30. 3 Dodson Company returned merchandise worth $1,000 to Blue Spruce. 9 Blue Spruce collected the amount due from Dodson Company from the March 1 sale. 15 Blue Spruce sold merchandise for $600 in its retail outlet. The customer used his Blue Spruce credit card. 31 Blue Spruce 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 March 1 Accounts Receivable Debit 5,0000 Sales Revenue March 31 Sales Returns and Allowances 1000 Accounts Receivable Credit 5,0000 1000
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