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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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March 24 is what I need help with
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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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