Compute net sales for the two months ended

Reference no: EM131977261

Problem

The following transactions were selected from among those completed by Cadence Retailers November and December:

Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 4/10, n/30.

25 Sold two items of merchandise to Customer C, who charged the $600 sales price on her Visa credit card. Visa charges Cadence Retailers a 2 percent credit card fee.

28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 4/10, n/30.

29 Customer D returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer.

Dec. 6 Customer D paid the account balance in full.

20 Customer B paid in full for the invoice of November 20.

Required:

Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31.

Reference no: EM131977261

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