Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E 6 - 3 ( Algo ) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO 6 - 1

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 Retallers in November and December:
November 20
November 25
November 28
November 29
December 6
December 2
Sold 20 items of merchandise to customer B at an invoice price of $6,300(total); terms 210,n30.
Sold tw items of merchandise to Customer C, who charged the $80(total) sales price on her visa cmedit
card, Visa charges Bennett Retailers a 2 percent credit card fee.
Sold 10 identical items of merchandise to customer D at an invoice price of $10,060(total); terms 210,n30.
Customer D returned one of the items purchased on the 28th the item was defective and credit was given to the customer.
Customer D paid the account balance in full.
Customer B paid in full for the invoice of November 28.
Requlred:
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.
Note: Do not round your Intermedlate calculations. Round your answer to the nearest whole dollar amount.
Answer is complete but not entirely correct.
Net sales
s.15,704
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Business Perspective

Authors: Roger H. Hermanson, James Don Edwards

7th Edition

0072289988, 978-0072289985

More Books

Students also viewed these Accounting questions