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 3/10, 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 3 percent credit card fee. November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,800 (total); terms 3/10, 1/30. November 29 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. 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
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 3/10, 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 3 percent credit card fee. November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,800 (total); terms 3/10, 1/30. November 29 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. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

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
November 25
November 28
November 29
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.
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 $600 (total) sales price on her Visa
credit card. Visa charges Bennett Retailers a 3 percent credit card fee.
Sold 10 identical items of merchandise to Customer D at an invoice price of $9,800 (total); terms
3/10, n/30.
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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