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14797 and 14798 are both wrong answers, what could be the right one? E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns,
14797 and 14798 are both wrong answers, what could be the right one?
E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 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 $6,000 (total); terms 4/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $700 (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 $9,300 (total); terms 4/10, 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: 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Net sales $ 14,798Step by Step Solution
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