Question - 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 $9,600, terms 3/10, 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 $2,200 in its retail outlet. The customer used his Molina credit card.
March 31 Molina added 1.0% monthly interest to the customer's credit card balance.
Prepare journal entries for the transactions above.