Review the following sales transactions for Dish Mart and record any required journal entries. Note that all
Question:
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.
Transcribed Image Text:
Mar. 5 Mar. 9 Mar. 13 Mar. 14 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 24 Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 10/15, n/60, invoice date March 9. Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them to Dish Mart for a full refund. Dish Mart sells 6 sets of dishes to Emma for $670 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 $200 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. Emma Purcell pays her account in full for all outstanding purchases, less any returns, allowances, and/or discounts.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Date Account Titles and Explanation Debit Credit Mar 5 Cash 13 x 700 9100 Sales revenue 9100 To ...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Bella Davies. Apr. 5 Apr. 9 Apr. 14 Apr. 13...
-
Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Nov. 9 Nov. 13 Nov. 14 Nov. 15 Nov. 24...
-
Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Nov. 9 Nov. 13 Dish Mart discovers 15...
-
For Example, 10.3 with = 0, verify that the stresses from equation (10.5.18) reduce to those previously given in Eq. (8.4.69). Data from example 10.3 Equation 10.5.18 Equation 8.4.69 Consider next...
-
A monopolistically competitive firm has the following demand and cost structure in the short run: a. Complete the table. b. What is the highest profit or lowest loss available to this firm? c. Should...
-
When is an employment test or a performance appraisal method reliable?
-
A work center consists of 4 machines each working a 16-hour day for 5 days a week. What is the weekly available time? LO.1
-
On the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable...
-
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Melanie Manufacturing is a small textile manufacturer using machine-hours as the single...
-
Fill in the blanks for the ABC analysis process map. Based on the process map, calculate the assigned indirect costs using the traditional method. Explain the pros and cons of this in comparison to...
-
Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C....
-
Which of the following accounts are used when recording the sales entry of a sale on credit? A. Merchandise inventory, cash B. Accounts receivable, merchandise inventory C. Accounts receivable, sales...
-
Fill in the blank(s) to correctly complete each sentence. If a function has an inverse, then the graph of -1 may be obtained by reflecting the graph of across the line with equation _________.
-
Question 2 of 6 When can XWFs approve expenses on behalf of Google? If a Director has approved it. If your employer has approved it. XWFs cannot approve expenses on behalf of Google. If it's under...
-
Does the following table represent a valid discrete probability distribution? x 1 2 3 4 5 P ( X = x ) 0.11 0.06 0.25 0.41 0.51
-
Semester Two Practice Examinations, 2022 Question 1. [10 marks] Suppose X and Y have the joint probability mass function x 0 1 2 0 CO 0.175 0.105 1 0.18 0.075 C1 where CO and C are real numbers such...
-
Problem 7 (40 pts) Ethylene glycol (p=1096 Kg/m, C=2505 J/KgK, v=6.9x10-6 m/s, Pr=73.5) is pumped through a pipeline of diameter D=0.4 m that runs across a lake L=200 m wide. The bulk velocity and...
-
The number of fully formed apples on 100 plants was counted with the following results: 2 plants had 0 apples 5 plants had 1 apple 7 plants had 2 apples 11 plants had 3 apples 18 plants had 4 apples...
-
Compute the following derivatives using the method of your choice. d/dx (cos (x 2 sin x ))
-
Repeat the previous problem, but close the positions on September 20. Use the spreadsheet to find the profits for the possible stock prices on September 20. Generate a graph and use it to identify...
-
Identify some of the ways that a firm can raise money to support a new marketing plan. Give the advantages and limitationsfrom a marketing managers perspective of each approach.
-
An entrepreneur who started a chain of auto service centers to do fast oil changes wants to quickly expand by building new facilities in new markets but doesnt have enough capital. His financial...
-
Explain, in your own words, why investors in a firms stock might be interested in a firms marketing manager developing a new growth-oriented strategy. Would it be just as good, from the investors...
-
The market price of a semi-annual pay bond is $979.86. It has 21.00 years to maturity and a yield to maturity of 7.34%. What is the coupon rate? Submit Answer format: Percentage Round to: 0 decimal...
-
Lakeland Inc. manufactured 2,500 units during the month of March. They incurred direct materials cost of $58,000 and overhead costs of $40,000. If their per-unit prime cost was $32.00 per unit, how...
-
Present Value Computations Using the present value tables, solve the following. ( Click here to access the PV and FV tables to use with this problem. ) Round your answers to two decimal places....
Study smarter with the SolutionInn App