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The following transactions were selected from among those c mpleted by Bennett Retailers in November and December: November 20 Sold 20 items of merchandise to
The following transactions were selected from among those cmpleted by Bennett Retailers in November and December:
November 20 | Sold 20 items of merchandise to Customer B at an invoice price of $6,100 (total); terms 3/10, n/30. |
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November 25 | Sold two items of merchandise to Customer C, who charged the $800 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. |
November 28 | Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 3/10, n/30. |
November 29 | Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. |
December 6 | Customer D paid the account balance in full. |
December 20 | Customer B paid in full for the invoice of November 20. |
Required:
Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31.
The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,100 (total); terms 3/10, n/30. November 25 Sold two items of merchandise to Customer C, who charged the $800 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 3/10, n/30. November 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to December6December20CustomerDpaidtheaccountbalanceinfull.CustomerBpaidinfullfortheinvoiceofNovember20. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amountStep by Step Solution
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