Marshall Industrial Supply offers terms of 2/10, n/30 to its wholesale customers. Marshall’s cost of goods sold is 30% of sales. The company had the following transactions during October:

Requirements

1. Record Marshall’s transactions, including the cost of goods sold entry for each sale.

2. Calculate the net sales revenue for the month.

Transcribed Image Text:

October 1 October 3 Sold $8,000 of merchandise to Pez Sold $1,000 of merchandise to Omaha Corporation, who paid by credit card. The Co. on account. credit card company charges Marshall a fee of 2% on credit card sales. October 7 Sold $32,000 of merchandise to Magnolia Company on account. October 8 Pez paid the balance of what it owed for the purchase on October 1. October 12 Sold $17,000 of merchandise to Wexler Enterprises on account. October 16 Magnolia paid the balance of what it owed for the purchase on October 7. Wexler paid the balance of what it owed for the purchase on October 12. October 31