### E6-3 (Algo) Reporting Net Sales with Credit Card Sales LO6-1The 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 [ ]```

Net sales, also known as net revenue or net sales revenue, refers to the total amount of sales…

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

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

Section: Chapter Questions

Problem 1Q

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