The following transactions were selected from among those completed by Bennett Retallers in November and December. Sold 28 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $788 (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 $9,600 (total); terms 2/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. November 20 November 25 November 28 November 29 December 6 December 20 Customer D paid the account balance in full. Customer 8 paid in full for the invoice of November 28. 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 S 15.647
The following transactions were selected from among those completed by Bennett Retallers in November and December. Sold 28 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $788 (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 $9,600 (total); terms 2/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. November 20 November 25 November 28 November 29 December 6 December 20 Customer D paid the account balance in full. Customer 8 paid in full for the invoice of November 28. 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 S 15.647
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PA: The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of...
Related questions
Question
![The following transactions were selected from among those completed by Bennett Retallers in November and December:
November 20
November 25
Sold 20 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, 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 $9,600 (total); terms 2/10, n/38.
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 8 paid in full for the invoice of November 20.
November 28
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.
Net sales
$
15.647](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96e9d6b7-7b15-4e69-99f1-42dc0fe0d99c%2Fdb8f10e9-4c48-46d5-ac2c-9a71f8802baf%2F2dz45p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions were selected from among those completed by Bennett Retallers in November and December:
November 20
November 25
Sold 20 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, 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 $9,600 (total); terms 2/10, n/38.
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 8 paid in full for the invoice of November 20.
November 28
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.
Net sales
$
15.647
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning