The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30. 25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20. Dec 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) $ Net sales 153,205
The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30. 25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20. Dec 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) $ Net sales 153,205
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 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...
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