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 15 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $520 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 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 $520 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/10, 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 $2,800 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 Sale with cash Cash Cash Sales Sales Mar. 5 Cost of sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Mar. 9 Sale on credit Accounts Receivable Accounts Receivable Sales Sales Mar. 9 Cost of sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Mar. 13 Return 8 dish sets Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Mar. 13 Return 8 dish sets to inventory Merchandise Inventory Merchandise Inventory Cost of Goods Sold Cost of Goods Sold Mar. 14 Sale on credit Accounts Receivable Accounts Receivable Sales Sales Mar. 14 Cost of sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory 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

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 15 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $520 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 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 $520 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/10, 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 $2,800 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 Sale with cash Cash Cash Sales Sales Mar. 5 Cost of sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Mar. 9 Sale on credit Accounts Receivable Accounts Receivable Sales Sales Mar. 9 Cost of sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Mar. 13 Return 8 dish sets Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Mar. 13 Return 8 dish sets to inventory Merchandise Inventory Merchandise Inventory Cost of Goods Sold Cost of Goods Sold Mar. 14 Sale on credit Accounts Receivable Accounts Receivable Sales Sales Mar. 14 Cost of sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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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 15 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $520 to Dish Mart.
Mar. 9	Dish Mart sold 30 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/15, n/60, invoice date March 9.
Mar. 13	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 $520 per set.
Mar. 14	Dish Mart sells 5 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/10, 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 $2,800 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 Sale with cash	Cash	Cash
	Sales	Sales
Mar. 5 Cost of sale	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
Mar. 9 Sale on credit	Accounts Receivable	Accounts Receivable
	Sales	Sales
Mar. 9 Cost of sale	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
Mar. 13 Return 8 dish sets	Sales Returns and Allowances	Sales Returns and Allowances
	Accounts Receivable	Accounts Receivable
Mar. 13 Return 8 dish sets to inventory	Merchandise Inventory	Merchandise Inventory
	Cost of Goods Sold	Cost of Goods Sold
Mar. 14 Sale on credit	Accounts Receivable	Accounts Receivable
	Sales	Sales
Mar. 14 Cost of sale	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
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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