The 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 $5,700 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (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 $9,200 (total); terms 3/10, n/30. 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 in full for the invoice of November 20. 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. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount. Net sales

The 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 $5,700 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (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 $9,200 (total); terms 3/10, n/30. 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 in full for the invoice of November 20. 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. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount. Net sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain consignment arrangement with example.
How suboptimization can occur?
Define agency cost or problem
Define Freight-in.
Subject to appreciation definition
Define DuPont analysis
What is intra group transactions