tice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR MESSAGE M

Question

tice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR MESSAGE MY IN Exercise 8-2 Presented below are selected transactions of Molina Company. Molina sells in large quantities to other compan Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n30. 3 Dodson Company returned merchandise worth $500 to Molina. 9 Molina collected the amount due from Dodson Company from the March 1 sale 15 Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card. 31 Molina added 1.5% monthly interest to the customer's credit card balance. March 1 Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Cred amount is entered. Do not indent manually. Record journal entries in the order presented in the pro Date Account Titles and Explanation Debit Credit March 9

Explanation / Answer

Debit Credit Accounts Receivable 5000 Sales 5000 Sales Returns and Allowances 500 Accounts Receivable 500 Cash 4410 Cash Discounts Taken (4500*2%) 90 Accounts Receivable 4500 Accounts Receivable 400 Sales 400 Accounts Receivable 6 Interest income 6 (400*1.5%)

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