6 Brief Exercise 4-7 (Algo) Determine the amount of net sales. LO 4-7 9 Book Monique Wallace owns an upscale jewelry store in downtown Atlanta, GA. The following events occurred during her first year of operations, Year 1: 1. The store sold on account merchandise with a list price of $61,000 on June 1, Year 1. The sale offered the customer payment terms of 2/10, n/30. 2. On June 2, Year 1, the customer from the first event returned merchandise to Monique with a list price of $21,700. 3. On June 5, Year 1, Monique collected the balance of accounts receivable from the customer in event 1. Required: Ack Determine the amount of net sales from the information given. Note: Amounts to be deducted should be indicated with a minus sign. Calculation of Net Sales For the Year Ended December 31, Year 11 Sales Net sales (21.700) (786) C