The following transactions were selected from among those completed by December: November 20 November 25 November 28 November 29 December 6 December 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3 Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on 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 $10,000 (tota 3/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and cr given 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 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
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### E6-3 (Algo) Reporting Net Sales with Credit Card Sales LO6-1

The following transactions were selected from among those completed by Bennett Retailers in November and December:

#### November 20
* Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3/10, n/30.

#### November 25
* Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on credit card. Visa charges Bennett Retailers a 3 percent credit card fee.

#### November 28
* Sold 10 identical items of merchandise to Customer D at an invoice price of $10,000 (total); terms 3/10, n/30.

#### 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.

#### Input Table:
```
Net sales [                     ]
```
Transcribed Image Text:### E6-3 (Algo) Reporting Net Sales with Credit Card Sales LO6-1 The following transactions were selected from among those completed by Bennett Retailers in November and December: #### November 20 * Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3/10, n/30. #### November 25 * Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on credit card. Visa charges Bennett Retailers a 3 percent credit card fee. #### November 28 * Sold 10 identical items of merchandise to Customer D at an invoice price of $10,000 (total); terms 3/10, n/30. #### 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. #### Input Table: ``` Net sales [ ] ```
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