Record journal entries for the following transactions of Barrera Suppliers.May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each.May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost.May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200.May 22: Customer paid their account in full with cash. Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier.Nov. 5Dish Mart purchases 26 sets of dishes for $460 per set with cash.Nov. 9Dish 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.Nov. 13Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund.Nov. 14Dish 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.Nov. 15Dish 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.Nov. 24Dish Mart pays their account in full for all outstanding purchases, less any returns, allowances, and/or discounts.

Journal: Recording of a business transactions in a chronological order. Entries: Workings: Total…

Answered: Review the following transactions for…

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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Record journal entries for the following transactions of Barrera Suppliers.

May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each.
May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost.
May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200.
May 22: Customer paid their account in full with cash.

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.
Nov. 9	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.
Nov. 13	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.
Nov. 14	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.
Nov. 15	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.
Nov. 24	Dish Mart pays their account in full for all outstanding purchases, less any returns, allowances, and/or discounts.

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