FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales
LO6-1
Bennett Retailers had the following transactions in November and December:
November 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 4/10, n/30.
November 25 Sold two items of merchandise to Customer C, who charged the $600 (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 $9,400 (total); terms
4/10, n/30.
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 the November 20 invoice in full.
November 28
November 29
Required:
Compute net sales for the two months ended December 31.
Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.
Net sales
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Transcribed Image Text:E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 Bennett Retailers had the following transactions in November and December: November 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 4/10, n/30. November 25 Sold two items of merchandise to Customer C, who charged the $600 (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 $9,400 (total); terms 4/10, n/30. 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 the November 20 invoice in full. November 28 November 29 Required: Compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount. Net sales
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