The following transactions were selected from among those completed by Bear's Retail Store: November 20...

80.2K

Verified Solution

Question

Accounting

image The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $500 sales price in cash. The goods cost Bear's $380. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,700 (total); terms 3/10, n/30. The goods cost Bear's $2,850. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,700 (total); terms 3/10, n/30. The goods cost Bear's $4,350. November 29 Nancy's Gym returned one of the items purchased on the 28 th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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