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Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. The following transactions
Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
The following transactions were selected from the records of OceanView Company: July 12 Sold merchandise to Customer R, who charged the $3,100 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $10,600; terms 4/10, n/30 20 Sold merchandise to Customer T at an invoice price of $5,900; terms 4/10, n/30 23 Collected payment from Customer S from July 15 sale Aug 25 Collected payment from Customer T from July 20 saleStep by Step Solution
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