Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase
Question:
Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier.
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Nov. 5 Nov. 9 Nov. 13 Dish Mart discovers 15 of the cutlery sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Dish Mart purchases 45 sets of cutlery for $100 per set with cash. Dish Mart purchases 50 sets of cutlery for $120 per set on credit. Terms of the purchase are 5/ 15, n/60, invoice date November 9. Nov. 14 Dish Mart purchases 30 sets of cutlery for $130 per set on credit. Terms of the purchase are 5/ 10, n/60, invoice date November 14. Nov. 15 Nov. 24 Dish Mart discovers that 10 of the cutlery sets from the November 14 purchase and 20 of the cutlery sets from the November 5 purchase are missing a few spoons but keeps them since the supplier granted an allowance of $30 per set for the November 14 cutlery sets and $35 per set for the November 5 cutlery sets. Dish Mart and the supplier have agreed to reduce the amount of debt Dish Mart has outstanding instead of sending a separate check for the November 5 allowance in cash. Dish Mart pays their account in full for all outstanding purchases, less any returns, allowances, and/or discounts.
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Nov 5 Debit Cash 45 x 100 4500 Credit Inventory 45 x 100 4500 Nov 9 Debit Accounts Payable ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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