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.
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March 1
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Sold merchandise on account to CC Company for $3,000, terms 2/10, n/30.
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3
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CC Company returned merchandise worth $500 to Pale Force.
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9
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Pale Force collected the amount due from CC Company from the March 1 sale.
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15
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Pale Force sold merchandise for $400 in its retail outlet.The customer used his Pale Force credit card.
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31
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Pale Force added 1.5% monthly interest to the customer's credit card balance.
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Instructions
Prepare journal entries for the transactions.