Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e6-3(algo) reporting net sales with credit sales,

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

50.1K

Verified Solution

Question

Accounting

E6-3(Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1
Bennett Retailers had the following transactions in November and December:
November 20. Sold 20 items of merchandise to Customer B at an invoice price of $6,100(total); terms 310, n/30.
November 25 Sold two items of merchandise to Customer C, who charged the $800(total) sales price on her Visa credit card. Visa charges Bennett Retailers a 1 percent credit card fee.
November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600(total); terms 310,n30.
November 29 Customer D returned one of the items purchased on the 28 th; the item was defective and credit was given to the customer.
December 6 Customer D paid the account balance in full.
December 20 Customer B paid the November 20 invoice in full.
Required:
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.
Net sales
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

Statistics
1.2K views

Let x be a random variable that represents red blood cell count (RBC) in millions of...

Medical Sciences
1.2K views

BJ. is a 5-year-old boy who has suffered from repeated upper respiratory infections since he was...

Biology
1.2K views

7-what mechanism enable chronic viral infections to exert a carcinogenic influence on a tissue

Psychology
1.2K views

27-Using the defense that your life was threatened by the rest of a group committing a...

Biology
1.2K views

There has been an explosion of interest in small noncoding RNAs in plant, animal, and...

Basic Math
1.2K views

In the braces below list all subsets of the set 1 2 Write each subset...

Calculus
1.2K views

R is the region bounded by the functions f(x) = 10/x and g(x) = x/10....

Calculus
1.2K views

a b Find the exact numerical value of each expression sinh ln3 cosh In 2

Algebra
1.2K views

ey inter pt 2 y 2 5 3 5 AY 1 A O 5 244...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] The following...

Accounting
1.2K views

One of the models of Luboh P/L MXL-Gamer has the following cost pattern. Due to...

Accounting
1.2K views

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made...