The following transactions were selected from among those completed by Bennett Retailers in November and December: Required:
Question:
The following transactions were selected from among those completed by Bennett Retailers in November and December:
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.
Transcribed Image Text:
Nov. Dec. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visa credit 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 $9,000 (total); terms 3/10, n/30. 28 29 6 20 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 20.
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Sales revenue 5500 400 9000 14900 Less Sales returns an...View the full answer
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Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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