Prepare hournal entries for the transactions avoe

Reference no: EM133609217

Question: Presented below are selected transactions of Novak Company. Novak sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 March 3 March 9 March 15 March 31 April 10 Sold merchandise on account to Kirk Company for $5,500, terms 2/10, n/30. Kirk Company returned merchandise worth $650 to Novak. Novak collected the amount due from Kirk Company from the March 1 sale. Novak sold merchandise fpr $11,000 in its retail outlet. The customers used their Novak credit card. Novak added 1.5% monthly interest to the customers' credit card balance. Novak collected $3,843 from credit card customers. Prepare hournal entries for the transactions avoe. Omit cost of goods sold entries

Reference no: EM133609217

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