E6-2 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The...

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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 Company. July 12 Sold merchandise to Customer R, who charged the $4,400 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 $10,300; terms 3/10, n/30. 20 Sold merchandise to Customer at an invoice price of $6,900; terma 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 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. Answer is complete but not entirely correct. Not sales 19.100 Return to question 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 $4,400 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 $10,300; terms 3/10, n/30. 20 Sold merchandise to Customer at an invoice price of $6,900; terma 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 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. Answer is complete but not entirely correct. Not sales 19.100 Return to question