E9.2 (LO 1) Presented below are selected transactions of Molina Company. Molina sells in large...
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Accounting
E9.2 (LO 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.
Journalize entries related to accounts receivable.
March1
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.
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