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Find net sales for the two months ended december

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Reference no: EM132656009

Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales

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

Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30.

25 Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee.

28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,900 (total); terms 3/10, 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:

Problem 1: 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: EM132656009

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