Review the following sales transactions for Dish Mart and record any required journal entries. Note that all
Question:
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.
Transcribed Image Text:
Mar. 5 Mar. 9 Mar. 13 Mar. 14 Mar. 15 Mar. 24 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 5/15, n/60, invoice date March 9. 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 $435 per set. Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 5/10, n/60, invoice date March 14. 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 $2,670 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. Emma Purcell pays her account in full for all outstanding purchases, less any returns, allowances, and/or discounts.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Date Account Titles and Explanation Debit Credit Mar 5 Cash 13 x 700 9100 Sales revenue 9100 To ...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
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 Mar. 9 Mar. 13 Mar. 14...
-
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Bella Davies. Apr. 5 Apr. 9 Apr. 14 Apr. 13...
-
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 Nov. 9 Nov. 13 Nov. 14 Nov. 15 Nov. 24...
-
A posthole digger (the digger) is an agricultural implement manufactured by Alamo/SMC Corporation (SMC) designed, as its name implies, to dig holes in the ground for posts. The digger is...
-
Ashland Oil buys its crude oil in the market. Larger oil refiners, such as Texaco, drill for their own crude oil. Why do some oil companies drill for their own crude oil and others buy crude oil in...
-
Two different computer processors are compared by measuring the processing speed for different operations performed by computers using the two processors. If 12 measurements with the first processor...
-
Innovative Technologies Ltd uses a job order costing system to control costs in its two production departments. Factory overhead is applied on the basis of machine hours in the Construction...
-
Choose letter C (for committed cost) or D (for discretionary cost) to indicate the type of each of the following described costs. Explain the rationale for your choice. a. Control is first provided...
-
Stangl Incorporated has provided the following data for the month of September. There were no beginning inventories, consequently, the direct materials, direct labor, and manufacturing overhead...
-
Planning Procurement. An automobile manufacturer wants to award contracts for the supply of five different engine components. Some of the components are used in most models, while other components...
-
Which of the following is not included when computing Net Purchases? A. Purchase discounts B. Beginning inventory C. Purchase returns D. Purchase allowances
-
Record journal entries for the following purchase transactions of Balloon Depot. Feb. 8 Feb. 11 Feb. 18 Purchased 3,000 balloon bundles on credit for $25 per bundle. Terms of the purchase are 10/10,...
-
1. Assess the delayed start tactic used by the union in this case. 2. What were the consequences of the unsound advice from the union in this case? [The union is the certified collective bargaining...
-
David Samarin, network administrator for OrangeWerks, laced his shoes as he prepared to head out for his exercise break in Ottawa. It was February 7, 2011, and Samarin needed to decide what to do...
-
Is it possible for a force to be exerted on an object along the direction of the object's motion and still produce no change in the object's kinetic energy? If yes, give an example. If no, explain...
-
In November of 2011, Bob Paulson was appointed as the new Commissioner of the Royal Canadian Mounted Police (RCMP), becoming the 23rd Commissioner. However, Paulsons appointment came at a critical...
-
A person is sitting on a stool in an elevator. The forces exerted on the stool are a downward force of magnitude \(60 \mathrm{~N}\) exerted by Earth, a downward force of magnitude \(780 \mathrm{~N}\)...
-
As a car accelerates from rest to highway speed, a pedestrian watching the motion sees positive work done on the car because its kinetic energy increases. However, from the reference frame of someone...
-
The article "Factorial Experiments in the Optimization of Alkaline Wastewater Pretreatment" (M. Prisciandaro, A. Del Borghi, and F. Veglio, Industrial Engineering and Chemistry Research,...
-
Compare and contrast debt financing and equity financing as ways of starting a new business. Does one have an overall advantage over the other? What situation is more favorable to the use of debt...
-
How would the marketing mix for a staple convenience product differ from the one for a homogeneous shopping product? How would the mix for a specialty product differ from the mix for a heterogeneous...
-
Give an example of a product that is a new unsought product for most people. Briefly explain why it is an unsought product.
-
In what types of stores would you expect to find ( a ) convenience products, ( b ) shopping products, ( c ) specialty products, and ( d ) unsought products?
-
Find the instantaneous rate of change of the function f(t)=3+5t when t=-3.
-
Pretend you need to conduct a title search. You have the information needed from your online search, but you need to go to the clerk's office to finish your search. What information/records will/can...
-
Watch the Tedx Talk (Melvin Russell: I love being a police officer, but we need reform) by Lt. Colonel Melvin Russel from the Baltimore Police. In his talk, he discusses how law enforcement is in...
Study smarter with the SolutionInn App