Monique Wallace owns an upscale jewelry store in downtown Atlanta, GA. The following events occurred during...

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Monique Wallace owns an upscale jewelry store in downtown Atlanta, GA. The following events occurred during her first year of operations, Year 1: 1. The store sold on account merchandise with a list price of $75,000 on June 1, Year 1. The sale offered the customer payment terms of 2/10, n/30. 2. On June 2, Year 1, the customer from the first event returned merchandise to Monique with a list price of $28,000. 3. On June 5, Year 1, Monique collected the balance of accounts receivable from the customer in event 1. Required: Determine the amount of net sales from the information given. Note: Amounts to be deducted should be indicated with a minus sign. Calculation of Net Sales For the Year Ended December 31, Year 1 Sales Net sales (28,000) (940) Monique Wallace owns an upscale jewelry store in downtown Atlanta, GA. The following events occurred during her first year of operations, Year 1: 1. The store sold on account merchandise with a list price of $75,000 on June 1, Year 1. The sale offered the customer payment terms of 2/10, n/30. 2. On June 2, Year 1, the customer from the first event returned merchandise to Monique with a list price of $28,000. 3. On June 5, Year 1, Monique collected the balance of accounts receivable from the customer in event 1. Required: Determine the amount of net sales from the information given. Note: Amounts to be deducted should be indicated with a minus sign. Calculation of Net Sales For the Year Ended December 31, Year 1 Sales Net sales (28,000) (940)

Answer rating: 100% (QA)

Net sales to be reported Sales 75000 Less merchandise returned 2800... View the full answer