During the months of January and February, Gold Corporation sold goods to three customers. The sequence of
Question:
During the months of January and February, Gold Corporation sold goods to three customers. The sequence of events was as follows:
Jan. 6 Sold goods for $950 to S. Green and billed that amount subject to terms 2/10, n/30.
6 Sold goods to M. Munoz for $600 and billed that amount subject to terms 2/10, n/30.
14 Collected cash due from S. Green.
Feb. 2 Collected cash due from M. Munoz.
28 Sold goods for $450 to R. Reynolds and billed that amount subject to terms 2/10, n/45.
Required:
Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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