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The following transactions were selected from the records of OceanView Company: July 12 July 15 July 20 July 23 Sold merchandise to Customer R,
The following transactions were selected from the records of OceanView Company: July 12 July 15 July 20 July 23 Sold merchandise to Customer R, who charged the $3,700 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. August 25 Required: Sold merchandise to Customer S at an invoice price of $9,100%; terms 4/10, n/30. Sold merchandise to Customer T at an invoice price of $5,000; terms 4/10, n/30. Collected payment from Customer S from July 15 sale. Collected payment from Customer T from July 20 sale. Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. Answer is complete but not entirely correct. Net sales $ 17,436 x
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