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Problem 2 a The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of
Problem 2 a The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B. who charged the $450 (total) sales price on her Visa credit card. Visa Charges Hailey a 2% credit card fee. Nov. 25 Sold 14 items of merchandise to Customer Cat an invoice price of $2,800 (total): terms 2/10, 1/30 Nov. 28 Sold 12 identical items of merchandise to Customer Dat an invoice price of $7,200 (total): terms 2/10,n/30. Nov. 30 Customer returned one of the items purchased on the 28the item was defective and credit was given to the customer. Dec. 6 Customer D paid the account balance in full. Dec. 30 Customer C paid in full for the invoice of November 25. Required: 1. Give the appropriate journal entry for each of these transactions. Do not record cost of sold. 2. Compute Net Sales ny 2002
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