E8-1 Presented below are selected transactions of Molina Company. Molina sells i

Question

E8-1 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. accounts receivable. March 1 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. 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.

Explanation / Answer

its receivables are $5000

its entry is

cash account $5000

to sales account 5000

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