PA6. LO 6.3 Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Dish Mart purchases 26 sets of dishes for $460 per set with cash. Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish Mart and the supplier have agreed to reduce the amount Dish Mart has outstanding debt, 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. Nov. 5 Nov. 9 Nov. 13 Nov. 14 Nov. 15 Nov. 24
PA6. LO 6.3 Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Dish Mart purchases 26 sets of dishes for $460 per set with cash. Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish Mart and the supplier have agreed to reduce the amount Dish Mart has outstanding debt, 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. Nov. 5 Nov. 9 Nov. 13 Nov. 14 Nov. 15 Nov. 24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:PA6. LO 6.3 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
Dish Mart purchases 26 sets of dishes for $460 per set with cash.
Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the
purchase are 10/15, n/60, invoice date November 9.
Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase
and returns them to the supplier for a full refund.
Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the
purchase are 10/10, n/60, invoice date November 14.
Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of
the dish sets from the November 5 purchase are missing a few dishes but keeps
them since the supplier granted an allowance of $50 per set for the November 14
dish sets and $75 per set for the November 5 dish sets. Dish Mart and the supplier
have agreed to reduce the amount Dish Mart has outstanding debt, 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.
Nov. 9
Nov. 13
Nov. 14
Nov. 15
Nov. 24
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