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
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
Related questions
Question
![### 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 [ ]
```](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2cc252ba-0a9a-47d1-a55e-68b3c3895ea6%2Fd4bbdd91-d75e-44b1-a84e-37676560c0b3%2Fbgx0rt_processed.jpeg&w=3840&q=75)
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 [ ]
```
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.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![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, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,