E6-3(Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales...

80.2K

Verified Solution

Question

Accounting

E6-3(Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1
The following transactions were selected from among those completed by Bennett Retallers in November and December:
November 20
November 25
November 28
November 29
December 6
December 2
Sold 20 items of merchandise to customer B at an invoice price of $6,300(total); terms 210,n30.
Sold tw items of merchandise to Customer C, who charged the $80(total) sales price on her visa cmedit
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 $10,060(total); terms 210,n30.
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 28.
Requlred:
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 Intermedlate calculations. Round your answer to the nearest whole dollar amount.
Answer is complete but not entirely correct.
Net sales
s.15,704
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students