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 11 sets of dishes at a price of $600 per set to customer Emma Purcell. The cost per set is $470 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $550 per set on credit, at a cost to Dish Mart of $400 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 8 sets of dishes to Emma for $570 per set on credit, at a cost to Dish Mart of $410 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 $270 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 Cash Sales Sales Mar. 9 Accounts Receivable Accounts Receivable Sales Sales Mar. 13 Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Mar. 14 Accounts Receivable Accounts Receivable Sales Sales Mar. 15 Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Mar. 24 Cash Cash Sales Discounts Sales Discounts Accounts Receivable Accounts Receivable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 11 sets of dishes at a price of $600 per set to customer Emma Purcell. The cost per set is $470 to Dish Mart.
Mar. 9	Dish Mart sold 30 sets of dishes to Emma for $550 per set on credit, at a cost to Dish Mart of $400 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 8 sets of dishes to Emma for $570 per set on credit, at a cost to Dish Mart of $410 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 $270 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	Cash
	Sales	Sales
Mar. 9	Accounts Receivable	Accounts Receivable
	Sales	Sales
Mar. 13	Sales Returns and Allowances	Sales Returns and Allowances
	Accounts Receivable	Accounts Receivable
Mar. 14	Accounts Receivable	Accounts Receivable
	Sales	Sales
Mar. 15	Sales Returns and Allowances	Sales Returns and Allowances
	Accounts Receivable	Accounts Receivable
Mar. 24	Cash	Cash
	Sales Discounts	Sales Discounts
	Accounts Receivable	Accounts Receivable

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