E6-29 (Algo) (Chapter Supplement) Recording Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $620 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,400 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer at an invoice price of $7,920 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute Net Sales. (Round your answers to nearest whole dollar.) Net sales View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 November 20 Cash 608 Credit card discount 12 Sales revenue 620 2 November 25 Accounts receivable (Customer C) 3,400 Sales revenue 3,400 3 November 28 Accounts receivable (Customer D) 7,920 Sales revenue 7,920 4 November 30 660 Sales returns and allowances Accounts receivable (Customer D) 660 5 December 06 Cash 7,115 145 Sales discounts Accounts receivable (Customer D) 7,260 6 December 30 Cash 3,400 Accounts receivable (Customer C) 3,400 Required 1 Required 2 >