Question
The following transactions were selected from the records of OceanView Company: July 12 Sold merchandise to Customer R, who charged the $3,500 purchase on his
The following transactions were selected from the records of OceanView Company:
July 12 Sold merchandise to Customer R, who charged the $3,500 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee.
15 Sold merchandise to Customer S at an invoice price of $10,700; terms 2/10, n/30.
20 Sold merchandise to Customer T at an invoice price of $6,000; terms 2/10, 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.
Net Sales=?
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Auditing and Assurance services an integrated approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
16th edition
978-0134075754, 134075757, 134065824, 978-0134065823
