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 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3/10, n/30. 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 1 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 3/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid the November 20 invoice in full. 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.

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 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3/10, n/30. 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 1 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 3/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid the November 20 invoice in full. 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.

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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