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Prepare journal entries for the transactions

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Question - Presented below are selected transactions of Pale Force Company. Pale Force sells in large quantities to other companies and also sells its product in a small retail outlet.

March 1 Sold merchandise on account to CC Company for $3,000, terms 2/10, n/30.

March 3 CC Company returned merchandise worth $500 to Pale Force.

March 9 Pale Force collected the amount due from CC Company from the March 1 sale.

March 15 Pale Force sold merchandise for $400 in its retail outlet. The customer used his Pale Force credit card.

March 31 Pale Force added 1.5% monthly interest to the customer's credit card balance.

Instructions - Prepare journal entries for the transactions above.

Reference no: EM131783630

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