Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions were selected from among those completed by Bears Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid

The following transactions were selected from among those completed by Bears Retail Store:

Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $470 (total) sales price in cash. The goods cost Bears $350.
25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,500 (total); terms 3/10, n/30. The goods cost Bears $2,750.
28 Sold 10 identical items of merchandise to Nancys Gym at a selling price of $6,500 (total); terms 3/10, n/30. The goods cost Bears $4,250.
29 Nancys Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer.
Dec. 6 Nancys Gym paid the account balance in full.
30 Vasko Athletics paid in full for the invoice of November 25.

image text in transcribed

E6-12 Reporting Net Sales after Sales Discounts and Sales Returns (LO 6-4] The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $470 (total) sales price in cash. The goods cost Bear's $350. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,500 (total); terms 3/10, n/30. The goods cost Bear's $2,750. 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,500 (total); terms 3/10, n/30. The goods cost Bear's $4,250. 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer. Dec. 6 Nancy's Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the net sales revenue to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales Revenue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Self Study Problems/Solutions Book

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

4th Edition

0471205133, 978-0471205135

More Books

Students also viewed these Accounting questions

Question

Should I say it in person, by phone, in print, online?

Answered: 1 week ago

Question

assess the infl uence of national culture on the workplace

Answered: 1 week ago