The following transactions were selected from among those completed by Bennett Retailers in November and December:...
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The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $500 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,700 (total); terms 3/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer.. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. 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 amount. The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $500 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,700 (total); terms 3/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer.. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. 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 amount.
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To compute the net sales for the two months ended December 31 we need to consider the following tran... View the full answer
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
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