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 Retailers in November and December: November 20 sold 20 itens of merchandise to customer B at an involce price of 56,100( total) November 25 Sold two itent of merehandieo to Cuatomer e, who ebarged the 5700 (total) oales price on her viga credit card. Visa ebarqon besnott letailers a 3 pereent eredit card tee. Novenber 28. Fold 10 identical itene of nerchandise to custoeer D at an invaice price of s9,200 (total)/ terms Novenber 29 Cuntomer D returned one of the itemn purchased on the 2thiy the iten wan detoetive and oredit van 2/10,n/30. given to the ovstover. Decerbec 6 costoner o paid the account balance in tu11, becenber 20 customer 1 paid in full for the involee of Novesber 20. Assume that Soles Returns and Allowances, Sales Discounts, and Creda Card Discounts are treated as contra-revenues; compute net Required: sales for the two months ended December 31 . Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount. E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories LO6-1 Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 sold nerchandise to custoner at tactory store who charged the $600 purchase on her hmerlean Express card. American Express charges a 2 percent eredit card fee. Cost of July 15 sold merchandise to Custoser T at an invoice price of 54,500 : ternn 3/10,n/30. Cost of goods sold vas $475. July 21 befoze paying for the order, a eustoner returned shoes with an invoice price of 51,000 , goods sold vas $2,250. July 20 collected eanh due fron cuatoner 7 . Note: Indicate decreases with entering the amounts of the effects of each transaction, including the related cost of goods sold. E6-24 (Algo) Computing and Interpreting the Receivables Turnover Ratio LO6-3 A recent annual report for FedEx contained the following data: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. E6-27 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash LO6-4 Bentley Company's June 30 bank statement and June ledger account for cash are summarized below: Required: 1. Complete the following bank reconciliation. A comparison of the checks written with the checks that have cleared the bar shows outstanding checks of $2,750. A deposit of $3,150 is in transit at the end of June. 2. Prepare the journal entry that should be made as a result of the bank reconciliation. 3. What is the balance in the Cash account after the reconciliation entries? 4. What is the total amount of cash that should be reported on the balance sheet at June 30 ? Complete this question by entering your answers in the tabs below