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Prepare journal entries for the transactions above

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Reference no: EM131144289

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.
3 CC Company returned merchandise worth $500 to Pale Force.
9 Pale Force collected the amount due from CC Company from the March 1 sale.
15 Pale Force sold merchandise for $400 in its retail outlet. The customer used his Pale Force credit card.
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: EM131144289

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