The following transactions were selected from among those completed by Bennett Retailers in November and...

60.1K

Verified Solution

Question

Accounting

The following transactions were selected from among those completed by Bennett Retailers in November and December:
November 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,700(total); terms 3/10, n/30.
November 25 Sold two items of merchandise to Customer C, who charged the $700(total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee.
November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,200(total); terms 3/10, n/30.
November 29 Customer D returned one of the items purchased on the 28th; 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 in full for the invoice of November 20.
Required:
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.

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