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E6-2 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The following transactions were selected from the records of OceanView
E6-2 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1
The following transactions were selected from the records of OceanView Company:
July 12 | Sold merchandise to Customer R, who charged the $4,100 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. |
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July 15 | Sold merchandise to Customer S at an invoice price of $9,600; terms 3/10, n/30. |
July 20 | Sold merchandise to Customer T at an invoice price of $5,700; terms 3/10, n/30. |
July 23 | Collected payment from Customer S from July 15 sale. |
August 25 | Collected payment from Customer T from July 20 sale. |
Required:
Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
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