Question

Current Attempt in Progress Your answer is partially correct. On January 10, Molly Amise uses her Sheridan Company credit card to purchase merchandise from Sheridan Company for $2,200. On February 10, Molly is billed for the amount due of $2,200. On February 12, Molly pays $1,000 on the balance due. On March 10, Molly is billed for the amount due, including interest at 3% per month on the unpaid balance as of February 12. Prepare the entries on Sheridan Company's books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to decimal places, e.g. 826. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Accounts Receivable Date Jan. 10 2200 Sales Revenue 2200 Feb. 12 Cash 1000 Accounts Receivable 1000 Mar. 10 Accounts Receivable 1236 Interest Revenue 1236 e Textbook and Media List of Accounts Assistance Used Save for Later Attempts: 2 of 3 used Submit Answer + W

Answer 1

Credit Date Account Titles and Explanation 10-Jan Accounts receivable Sales revenue Debit $ 2,200 $ 2,200 $1,000 12-Feb Cash Accounts receivable $ 1,000 $ 36 10-Mar Accounts receivable [($2,200-$1000) *3%] Interest revenue $ 36 Note: For March 10, entry the unpaid amount of $1,000 is already included in the Jan.10 entry. Now only the interst on unpaid amount of $1,000 to be recorded whish is $36.