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 $10,000, terms
5/10,n/30
march 3: dodson company returned merchandise worth $500
to molina.
march 9: molina collected the amount due from dodson company from the march 1
sale.
march 15: molina sold merchandise for $1,400
in its retail outlet. the customer used his molina credit card.
march 31: molina added 1% monthly interest to the customer's credit card balance.
prepare journal entries for the transactions above.
Answers: 1
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