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The following transactions were selected from among those completed by Bennett Retallers in November and December Nov. 20 Sold 20 itens of merchandise to Customer 8 at an invoice price of $6,300 (total); teras 4/10, n/30. 25 Sold two itens of merchandise to Customer C, who charged the $600 (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 $9,900 (total); terms 4/10, 1/30. 29 Customer D returned one of the itens purchased on the 28th; the item was defective and credit was given to the customer. Dec. 6 Customer D paid the account balance in full. 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.)

The following transactions were selected from among those completed by Bennett Retallers in November and December Nov. 20 Sold 20 itens of merchandise to Customer 8 at an invoice price of $6,300 (total); teras 4/10, n/30. 25 Sold two itens of merchandise to Customer C, who charged the $600 (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 $9,900 (total); terms 4/10, 1/30. 29 Customer D returned one of the itens purchased on the 28th; the item was defective and credit was given to the customer. Dec. 6 Customer D paid the account balance in full. 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.)

FINANCIAL ACCOUNTING
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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M The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 itens of merchandise to Customer B at an invoice price of $6,300 (total); teras 4/10, 1/30. 25 Sold two itens of merchandise to Customer C, who charged the $600 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 18 identical items of merchandise to Customer D at an invoice price of $9,900 (total); terms 4/10, 1/30. 29 Customer D returned one of the itens purchased on the 28th; the item was defective and credit was given to the customer. Dec. 6 Customer D paid the account balance in full. 20 Customer 8 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Net salos
Transcribed Image Text:M The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 itens of merchandise to Customer B at an invoice price of $6,300 (total); teras 4/10, 1/30. 25 Sold two itens of merchandise to Customer C, who charged the $600 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 18 identical items of merchandise to Customer D at an invoice price of $9,900 (total); terms 4/10, 1/30. 29 Customer D returned one of the itens purchased on the 28th; the item was defective and credit was given to the customer. Dec. 6 Customer D paid the account balance in full. 20 Customer 8 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. (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Net salos
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