Compute Net Sales for problems 1-3

1. Sold merchandise to Sam, who charged the $3,000 purchase on his Visa. Visa charges a 2% credit card fee

2. On July 15, sold merchandise to Marie at an invoice price of $9,000; terms 3/10, n/30. On July 23, company collected payment from Marie

3. On July 20, sold merchandise to Emily at an invoice price of $4,000; terms 3/10, n/30. On July 21, Emily returned a portion of the merchandise because it was defective, valued at $500. On August 20, company collected payment from Emily

Record bad debt expense and write off & Prepare journal entry for problems 4-6

4. On November 13 of the current year, an account receivable for $98,000 was determined uncollectable and written off

5. At year end, the appropriate bad debt expense adjustment of $20,000 was recorded.

6. On 12/1, $200 payment was received for an account previously written off. (hint 4 journal entries)