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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.
March 3 Dodson Company returned merchandise worth $800 to Metlock.
March 9 Metlock collected the amount due from Dodson Company from the March 1 sale.
March 15 Metlock sold merchandise for $400 in its retail outlet. The customer used his Metlock credit card.
March 31 Metlock added 1.00% monthly interest to the customer's credit card balance.
Required - Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.)
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