Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell.Mar. 5Dish Mart made a cash sale of 14 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost per set is $450 to Dish Mart.Mar. 9Dish Mart sold 30 sets of dishes to Emma for $850 per set on credit, at a cost to Dish Mart of $420 per set. Terms of the sale are 10/15, n/60, invoice date March 9.Mar. 13Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them to Dish Mart for a full refund.Mar. 14Dish Mart sells 7 sets of dishes to Emma for $870 per set on credit, at a cost to Dish Mart of $420 per set. Terms of the sale are 10/10, n/60, invoice date March 14.Mar. 15Emma discovers that 3 of the dish sets from the March 14 purchase and 7 of the dish sets from the March 5 sale are missing a few dishes but keeps them since Dish Mart granted an allowance of $260 per set for all 10 dish sets. Dish Mart and Emma have agreed to reduce the amount Dish Mart has outstanding instead of sending a separate check for the March 5 allowance in cash.Mar. 24Emma Purcell pays her account in full for all outstanding purchases, less any returns, allowances, and/or discounts.If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Mar. 5 - Select -- Select - - Select -- Select -Mar. 9 - Select -- Select - - Select -- Select -Mar. 13 - Select -- Select - - Select -- Select -Mar. 14 - Select -- Select - - Select -- Select -Mar. 15 - Select -- Select - - Select -- Select -Mar. 24 - Select -- Select - - Select -- Select - - Select -- Select -

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Description: Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell.Mar. 5Dish Mart made a cash sale of 14 sets of dishes at a price of $900 per set

Journal entries (JE) means posting of the transactions into the books of entity and it is vital step…

Answered: Review the following sales transactions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell.

Mar. 5	Dish Mart made a cash sale of 14 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost per set is $450 to Dish Mart.
Mar. 9	Dish Mart sold 30 sets of dishes to Emma for $850 per set on credit, at a cost to Dish Mart of $420 per set. Terms of the sale are 10/15, n/60, invoice date March 9.
Mar. 13	Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them to Dish Mart for a full refund.
Mar. 14	Dish Mart sells 7 sets of dishes to Emma for $870 per set on credit, at a cost to Dish Mart of $420 per set. Terms of the sale are 10/10, n/60, invoice date March 14.
Mar. 15	Emma discovers that 3 of the dish sets from the March 14 purchase and 7 of the dish sets from the March 5 sale are missing a few dishes but keeps them since Dish Mart granted an allowance of $260 per set for all 10 dish sets. Dish Mart and Emma have agreed to reduce the amount Dish Mart has outstanding instead of sending a separate check for the March 5 allowance in cash.
Mar. 24	Emma Purcell pays her account in full for all outstanding purchases, less any returns, allowances, and/or discounts.

If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Mar. 5	- Select -	- Select -
	- Select -	- Select -
Mar. 9	- Select -	- Select -
	- Select -	- Select -
Mar. 13	- Select -	- Select -
	- Select -	- Select -
Mar. 14	- Select -	- Select -
	- Select -	- Select -
Mar. 15	- Select -	- Select -
	- Select -	- Select -
Mar. 24	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

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