Mar. 5 Dish Mart made a cash sale of 15 sets of dishes at a price of $900 per set to customer Emma Purcell. The cos per set is $585 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $900 per set on credit, at a cost to Dish Mart of $585 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $585 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $700 per set on credit, at a cost to Dish Mart of $455 per set. Terms of the sale are 5/10, 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 $2,800 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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March 24 is what I need help with

Mar. 5
Dish Mart made a cash sale of 15 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost
per set is $585 to Dish Mart.
Mar. 9
Dish Mart sold 30 sets of dishes to Emma for $900 per set on credit, at a cost to Dish Mart of $585 per set.
Terms of the sale are 5/15, n/60, invoice date March 9.
Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the
dish sets to inventory at their original cost of $585 per set.
Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $700 per set on credit, at a cost to Dish Mart of $455 per set.
Terms of the sale are 5/10, 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 $2,800 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.
Transcribed Image Text:Mar. 5 Dish Mart made a cash sale of 15 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost per set is $585 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $900 per set on credit, at a cost to Dish Mart of $585 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $585 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $700 per set on credit, at a cost to Dish Mart of $455 per set. Terms of the sale are 5/10, 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 $2,800 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.
Cost of Goods Sold
Mar. 9 Cost of sale
17,550
Merchandise Inventory v
17,550
Mar. 13 Return 8 dish sets
Sales Returns and Allowances v
7,200 V
Accounts Receivable v
7,200 V
Mar. 13 Return 8 dish sets to inventory Merchandise Inventory
4,680 V
Cost of Goods Sold v
4,680
Mar. 14 Sale on credit
Accounts Receivable v
3,500 V
Sales v
3,500 V
Mar. 14 Cost of sale
Cost of Goods Sold
2,275
Merchandise Inventory v
2,275
Sales Returns and Allowances v
Mar. 15
2,800
Accounts Receivable v
2,800 V
Mar. 24
Cash
Sales Discounts
Accounts Receivable
Transcribed Image Text:Cost of Goods Sold Mar. 9 Cost of sale 17,550 Merchandise Inventory v 17,550 Mar. 13 Return 8 dish sets Sales Returns and Allowances v 7,200 V Accounts Receivable v 7,200 V Mar. 13 Return 8 dish sets to inventory Merchandise Inventory 4,680 V Cost of Goods Sold v 4,680 Mar. 14 Sale on credit Accounts Receivable v 3,500 V Sales v 3,500 V Mar. 14 Cost of sale Cost of Goods Sold 2,275 Merchandise Inventory v 2,275 Sales Returns and Allowances v Mar. 15 2,800 Accounts Receivable v 2,800 V Mar. 24 Cash Sales Discounts Accounts Receivable
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Journal entries are the method of recording transactions into the books of accounts. These are used to prepare the ledger, trial balance, and other financial statements. So journal entries are the basis of financial statements.

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