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Kathan's Company sells handmade jewlery made of recycled aluminum. Kathan recently sold a few necklaces to Jennifer Lopez. The following transactions were selected from
Kathan's Company sells handmade jewlery made of recycled aluminum. Kathan recently sold a few necklaces to Jennifer Lopez. The following transactions were selected from among those completed by Kathan's Company in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $630 (total) sales price on her Visa credit card. Visa charges Kathan a 3 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 D at an invoice price of $7,440 (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.
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