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Compute net sales for the two months ended August

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Question - Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales

The following transactions were selected from the records of OceanView Company:

July 12 Sold merchandise to Customer R, who charged the $3,800 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee.

July 15 Sold merchandise to Customer S at an invoice price of $10,400; terms 3/10, n/30.

July 20 Sold merchandise to Customer T at an invoice price of $5,300; terms 3/10, n/30.

July 23 Collected payment from Customer S from July 15 sale.

Aug. 25 Collected payment from Customer T from July 20 sale.

Required - Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.

Reference no: EM132773384

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