The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $570 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,800 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,320 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales.

The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $570 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,800 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,320 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute 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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Can you help me fill out this journal entry?
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