Question

Presented below are selected transactions of Metlock Company. Metlock 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 $10,800, terms 4/10, n/30.
3		Dodson Company returned merchandise worth $800 to Metlock.
9		Metlock collected the amount due from Dodson Company from the March 1 sale.
15		Metlock sold merchandise for $1,600 in its retail outlet. The customer used his Metlock credit card.
31		Metlock added 1.0% monthly interest to the customer’s credit card balance.

Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
March 1March 3March 9March 15March 31
March 1March 3March 9March 15March 31
March 1March 3March 9March 15March 31
March 1March 3March 9March 15March 31
March 1March 3March 9March 15March 31

Answer 1

Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
March 1	Account receivable	10800
	Sales revenue		10800
Mar 3	Sales return and allowance	800
	Account receivable		800
Mar 9	Cash (10000*96%)	9600
	Sales discount	400
	Account receivable		10000
Mar 15	Account receivable	1600
	Sales revenue		1600
Mar 31	Cash (1600*99%)	1584
	Credit Card expense	16
	Account receivable		1600