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how to solve? Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the
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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 10 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $450 to Dish Mart. Mar. 9 Dish Mart sold 20 sets of dishes to Emma for $750 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 5 sets of dishes to Emma for $770 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 $240 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 Cash 7,000 X Sales 7,000 Mar 9 Accounts Receivable Sales Mar. 13 Sales Returns and Allowances Previous Check My Work 2 more Check My Work uses remaining ICOMOODSAMALTUUSTO my separat III 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 Cash 7,000 X Sales 7,000 X Mar. 9 X Accounts Receivable Sales Mar. 13 Sales Returns and Allowances Accounts Receivable Mar. 14 Accounts Receivable > Sales Mar. 15 Sales Returns and Allowances Accounts Receivable Mar. 24 Cash II T > > Sales Discounts Accounts Receivable XStep by Step Solution
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