ndKThe following transactions were selected from among those completed by Bennett Retailers in November and December:Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10, n/30.Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visacredit 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 $9,000 (total); terms3/10, n/30.November 29Customer D returned one of the items purchased on the 28th; the item was defective and credit wasgiven to the customer.December 6.Customer D paid the account balance in full.December 201 Customer B paid in full for the invoice of November 20.November 201November 25November 28Required:Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute netsales for the two months ended December 31.Note: Do not round your intermediate calculations.Net sales

The complete amount of income earned from the sale of products or services before any returns,…

28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items of merchandise to Customer C, who charged the $400 (total) sales price on he credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Hold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total) 3/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and cred iven to the customer. Customer D paid the account balance in full. Customer 8 paid in full for the invoice of November 20.

28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items of merchandise to Customer C, who charged the $400 (total) sales price on he credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Hold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total) 3/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and cred iven to the customer. Customer D paid the account balance in full. Customer 8 paid in full for the invoice of November 20.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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