E6-3 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 Cadence Retailers November and December:

Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 4/10, n/30.

25 Sold two items of merchandise to Customer C, who charged the $700 sales price on her Visa credit card. Visa charges Cadence Retailers a 3 percent credit card fee.

28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 4/10, n/30.

29 Customer D returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer.

Dec. 6 Customer D paid the account balance in full.

20 Customer B paid in full for the invoice of November 20.