The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30. 25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20. Dec 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) $ Net sales 153,205
The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30. 25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20. Dec 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) $ Net sales 153,205
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following transactions were selected from among those completed by Bennett Retailers in November and December:
Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30.
25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card.
Visa charges Bennett Retailers a 2 percent credit card fee.
28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30.
29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the
customer.
6 Customer D paid the account balance in full.
20 Customer B paid in full for the invoice of November 20.
Dec
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. (Do not round your intermediate calculations. Round your answer to the nearest
whole dollar amount.)
$
Net sales
153,205](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b424a93-0b2e-44d0-8d13-43076b7db66c%2F937884f4-611f-464d-9994-3826c3bdbfb9%2Fsvdwpep.png&w=3840&q=75)
Transcribed Image Text:The following transactions were selected from among those completed by Bennett Retailers in November and December:
Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30.
25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card.
Visa charges Bennett Retailers a 2 percent credit card fee.
28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30.
29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the
customer.
6 Customer D paid the account balance in full.
20 Customer B paid in full for the invoice of November 20.
Dec
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. (Do not round your intermediate calculations. Round your answer to the nearest
whole dollar amount.)
$
Net sales
153,205
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