The following transactions were selected from the records of OceanView Company: July 12 July 15 July 20 July 23 August 25 Sold merchandise to Customer R, who charged the $3,700 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. Sold merchandise to Customer S at an invoice price of $9,100; terms 4/10, n/30. Sold merchandise to Customer T at an invoice price of $5,000; terms 4/10, n/30. Collected payment from Customer S from July 15 sale. Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. Answer is complete but not entirely correct.
The following transactions were selected from the records of OceanView Company: July 12 July 15 July 20 July 23 August 25 Sold merchandise to Customer R, who charged the $3,700 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. Sold merchandise to Customer S at an invoice price of $9,100; terms 4/10, n/30. Sold merchandise to Customer T at an invoice price of $5,000; terms 4/10, n/30. Collected payment from Customer S from July 15 sale. Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. Answer is complete but not entirely correct.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 6E: Record the following transactions in general journal form for Ford Education Outfitters and Romero...
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