Question
The following transactions were selected from the records of OceanView Company: July 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his
The following transactions were selected from the records of OceanView Company: |
July | 12 | Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. |
15 | Sold merchandise to Customer S at an invoice price of $9,100; terms 3/10, n/30. | |
20 | Sold merchandise to Customer T at an invoice price of $4,800; terms 3/10, n/30. | |
23 | Collected payment from Customer S from July 15 sale. | |
Aug. | 25 | Collected payment from Customer T from July 20 sale. |
Required: |
Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. |
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