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 11 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 20 sets of dishes to Emma for $850 per set on credit, at a cost to Dish Mart of $450 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 8 sets of dishes to Emma for $870 per set on credit, at a cost to Dish Mart of $450 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 $300 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 nernetual inventory system is used
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 11 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 20 sets of dishes to Emma for $850 per set on credit, at a cost to Dish Mart of $450 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 8 sets of dishes to Emma for $870 per set on credit, at a cost to Dish Mart of $450 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 $300 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 nernetual inventory system is used
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The march 24 question (sales, sales discounts, accounts recievable)
Transcribed Image Text: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 11 sets of dishes at a price of $900 per set to customer
Emma Purcell. The cost per set is $460 to Dish Mart.
Mar. 9
Dish Mart sold 20 sets of dishes to Emma for $850 per set on credit, at a cost to Dish Mart
of $450 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 8 sets of dishes to Emma for $870 per set on credit, at a cost to Dish Mart
of $450 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 $300 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.
Transcribed Image Text:Cash v
Mar. 5
9,900
Sales v
9,900
Mar. 9 Accounts Receivable
17,000 V
Sales
17,000
Mar. 13 Sales Returns and Allowances v
6,800
Accounts Receivable v
6,800
Mar. 14
Accounts Receivable v
6,960
Sales v
6,960
Mar. 15 Sales Returns and Allowances v
3,000
Accounts Receivable
3,000
Mar. 24
Cash v
Sales Discounts v
Accounts Receivable
>
00
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