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Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra revenues. July 12 Sold merchandise to customer at factory

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Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra revenues. July 12 Sold merchandise to customer at factory store who charged the $700 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice pri of 54,800; terms 1/10, n/30. Cost of goods sold was $2,400. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,300; cost of goods sold was $780. Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. (Indicate decreases with a minus sign.) Transaction Net Sales Cost of Goods Sold Gross Profit July 12 July 15 July 20 July 21 7 The following transactions were selected from the records of OceanView Company: July 12 Sold merchandise to Customer R, who charged the $4,7ee purchase on his Visa credit card. Visa charges Oceanview a 3 percent credit card fee. 15 Sold merchandise to Customer s at an invoice price of $10,800; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $5,100; terms 3/10, n/3e. 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. Net sales The following transactions were selected from among those completed by Bennett Retailers in November and December: 0 0 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $500 (total) card. Visa charges Bennett Retailers a 3 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price n/3e. 29 Customer returned one of the items purchased on the 28th; the item the customer. Dec. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 2e. 0 0 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as revenues; compute net sales for the two months ended December 31. (Do not round your intermediate Round your answer to the nearest whole dollar amount.) Net sales

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