Reporting Net Sales with Credit Sales and Sales Discounts During the months of January and February, Silver Corporation sold goods to three customers The sequence of events was as follows Jan 6 Sold goods for $850 to S Green and billed that amount subject to terms 2 10, n 30 6 Sold goods to M Munoz...

Reporting Net Sales with Credit Sales and Sales Discounts During the months of January and February, Silver

Question:

Reporting Net Sales with Credit Sales and Sales Discounts
During the months of January and February, Silver sold goods to three customers. The sequence of events was as follows:
Jan. 6 Sold goods for $850 to S. Green and billed that amount subject to terms 2/10, n/30.
6 Sold goods to M. Munoz for $700 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.

Corporation
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...