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, Bella Davies.
Transcribed Image Text:
Apr. 5 Apr. 9 Apr. 14 Apr. 13 Bella discovers 9 of the cutlery sets are damaged from the April 9 sale and returns them to Dish Mart for a full refund. Apr. 15 Dish Mart made a cash sale of 22 sets of cutlery to Bella Davies for $330 per set. The cost per set to Dish Mart is $125 per set. Apr. 28 Dish Mart sells 14 sets of cutlery to Bella Davies on credit for $345 per set, with a cost to Dish Mart of $120 per set. Terms of the sale are 2/15, n/60, invoice date April 9. Bella purchases 18 sets of cutlery for $275 per set on credit, at a cost to Dish Mart of $124 per set. Terms of the sale are 2/10, n/60, invoice date April 14. Bella discovers that 5 of the cutlery sets from the April 14 purchase and 10 of the cutlery sets from the April 5 purchase are missing a few spoons but keeps them since Dish Mart granted an allowance of $175 per set for all dish sets. Dish Mart and Bella have agreed to reduce the amount Bella has outstanding instead of sending a separate check for the April 5 allowance in cash. Bella Davies 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: 66% (6 reviews)
Date Account titles and explanation Debit Credit Apr 5 Cash 22330 7260 Sales 7260 Sales recorded Cos...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 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...
-
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 Dish Mart discovers 15...
-
Casrnir proposes a model of third-culture building to account for the evolutionary nature of intercultural dialogue. What role do you think the many studies on cultural dimensions can play in the...
-
Distinguish between how the market reacts to a temporary difference in prices for the same resource and how the market reacts to a permanent difference. Why do the reactions differ?
-
The Hermite polynomials are defined by (a) Verify that H0 = 1, H1 = 2z, H2 = 4z2 - 2, H3 = 8z3 - 12z (b) The Hermite polynomials obey the relation (Pauling and Wilson, pages 77-79) zHn(z) = nHn-1(z)...
-
Suppose that it is desired to estimate the expected value of a random variable \(x\). (This random variable might be the discounted terminal value of a call option on a stock that is following a...
-
David Segal started a business. During the first month (October 20--), the following transactions occurred. (a) Invested cash in the business, $15,000. (b) Bought office supplies for $3,800: $1,800...
-
Mark opens his own company and completes the following transactions in May: 5/1 Mark invests $14,000 into the business. 5/3 Purchased $3,800 of equipment on account. 5/4 Paid $560 premium for a...
-
NIKE, Inc., with its Canadian headquarters in Thornhill, Ontario, is one of the world's lead- ing manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent...
-
What are the main differences between FOB Destination and FOB Shipping Point?
-
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the...
-
Find the derivative of the following functions. g(x) = 6x - 2xe x
-
Which of the following statement(s) is (are) TRUE? I. Sukuk are debt obligations due from the issuer to the investors. II. Sukuk are trust certificates. III. Sale of sukuk is basically the sale of a...
-
Ranas outstanding report contains (a lot of, many, a warehouse of) helpful data. From the choices in parentheses, select the most precise, vigorous words.
-
Explain the differences between Sharia and fiqh.
-
What are the benefits that accrue to businesses implementing social shopping applications?
-
How can marketing managers apply the DATA process to evaluate social media marketing efforts?
-
Distinguish between producer's risk and consumer's risk. In this context, explain the terms acceptable quality level and limiting quality level. Discuss instances for which one type of risk might be...
-
Use of the contraceptive Depo Provera appears to triple women's risk of infection with chlamydia and gonorrhea , a study reports today. An estimated 20 million to 30 million women worldwide use Depo...
-
How can a marketing manager change a firms F.O.B. terms to make an otherwise competitive marketing mix more attractive?
-
What type of geographic pricing policy is most appropriate for the following products (specify any assumptions necessary to obtain a definite answer): ( a ) a chemical by-product, ( b ) nationally...
-
How would a ban on freight absorption (that is, requiring F.O.B. factory pricing) affect a producer with substantial economies of scale in production?
-
Two taps A and B fill a swimming pool together in two hours. Alone, it takes tap A three hours less than B to fill the same pool. How many hours does it take each tap to fill the pool separately?
-
Use three point formulas to estimate the derivative of function f below at the points x0 = 0, x = .2, x2 = = 0.4, ...,x10 = 2.0. f(x) = exp x+1 Repeat exercise 1, but this time use five point...
-
Describe in words why minimizing the sum of the absolute deviations for a linear model is different from minimizing the sum of the squared deviations for a linear model. How might you teach this to...
Study smarter with the SolutionInn App