Reference no: EM132657492
Question - 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.
Nov. 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.
Nov. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,900 (total); terms 3/10, n/30.
Nov. 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.
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