Please help me. Thankyou. E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card SalesLO6-1The 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 $6,300 (total); terms 4/10, 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 3 percent credit card fee.Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms4/10, n/30.November 20November 25November 28November 29December 6December 20Customer D returned one of the items purchased on the 28th; the item was defective and credit wasgiven to the customer.Customer D paid the account balance in full.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 netsales for the two months ended December 31.Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.Answer is complete but not entirely correct.688Net sales

The company makes sales on cash as well as sales on account. The company also allows a return…

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 $6,300 (total); terms 4/10, n/30. Sold two items of merchandise to Customer C, who charged the $400 (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 $9,600 (total); terms 4/10, n/30. November 20 November 25 November 28 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 201 Customer B paid in full for the invoice of November 20. November 29 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. Answer is complete but not entirely correct. Net sales 688

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 $6,300 (total); terms 4/10, n/30. Sold two items of merchandise to Customer C, who charged the $400 (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 $9,600 (total); terms 4/10, n/30. November 20 November 25 November 28 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 201 Customer B paid in full for the invoice of November 20. November 29 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. Answer is complete but not entirely correct. Net sales 688

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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