Question: Please, I need help with this question to answer! Help me please! Thanks value 1.42 points E6-16 Reporting Net Sales with Credit Sales, Sales Discounts,

Please, I need help with this question to answer!
Help me please!
Thanks  Please, I need help with this question to answer! Help me

value 1.42 points E6-16 Reporting Net Sales with Credit Sales, Sales Discounts, and Sales Returns [LO 6-4] The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $430 sales price in cash. The goods cost Bear's $320 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,200 (total); terms 3/10 n/30. The goods cost Bear's $2,600 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,200 (total);, terms 3/10, n/30. The goods cost Bear's $4,100 29 Nancy's Gym retuned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer Dec. 6 Nancy's Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25 Required: Assuming that Sales Returns and Sales Discounts are reported as contra-revenues, compute Net Sales for the two months ended December 31. (Do not round intermediate calculations. Round your answer to 2 decimal places.) t Sales

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!