Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who

image text in transcribed

The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $310 sales price in cash. The goods cost Bear's $230. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $3,100 (total); terms 3/10, n/30. The goods cost Bear's $2,050. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $5,100 (total); terms 3/10, n/30. The goods cost Bear's $3,550. November 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 on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales $ 245.80

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

Accounting For Managers Interpreting Accounting Information for Decision Making

Authors: Paul M. Collier

4th edition

978-111997967, 1119979676, 978-1119979678

More Books

Students also viewed these Accounting questions