Just one question, I'm fairly unsure how to go about this, so a quick explanation would be appreciated, tyvm.

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:

July12Sold merchandise to Customer R, who charged the $3,800 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee.

15Sold merchandise to Customer S at an invoice price of $10,400; terms 3/10, n/30.

20Sold merchandise to Customer T at an invoice price of $5,300; terms 3/10, n/30.

23Collected payment from Customer S from July 15 sale.

Aug.25Collected 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.