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 2 0 Sold two items of merchandise to Cheryl Jahn,

The following transactions were selected from among those completed by Bears Retail Store:
November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $470 sales price in cash. The goods cost Bears $350.
November 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.
November 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.
November 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 on account. No further returns are expected.
December 6 Nancys 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions