The following transactions were selected from the records of OceanView Company: July 12 July 15 July 20 July 23 August 25 Sold merchandise to Customer R, who charged the $3,700 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. Sold merchandise to Customer S at an invoice price of $9,100; terms 4/10, n/30. Sold merchandise to Customer T at an invoice price of $5,000; terms 4/10, n/30. Collected payment from Customer S from July 15 sale. Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. Answer is complete but not entirely correct.
The following transactions were selected from the records of OceanView Company: July 12 July 15 July 20 July 23 August 25 Sold merchandise to Customer R, who charged the $3,700 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. Sold merchandise to Customer S at an invoice price of $9,100; terms 4/10, n/30. Sold merchandise to Customer T at an invoice price of $5,000; terms 4/10, n/30. Collected payment from Customer S from July 15 sale. Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. Answer is complete but not entirely correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
unc.5
Transcribed Image Text:The following transactions were selected from the records of OceanView Company:
July 12
July 15
July 20
July 23
August 25
Sold merchandise to Customer R, who charged the $3,700 purchase on his Visa credit card. Visa
charges OceanView a 1 percent credit card fee.
Sold merchandise to Customer S at an invoice price of $9,100; terms 4/10, n/30.
Sold merchandise to Customer T at an invoice price of $5,000; terms 4/10, n/30.
Collected payment from Customer S from July 15 sale.
Collected payment from Customer T from July 20 sale.
Required:
Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months
ended August 31.
Net sales
X Answer is complete but not entirely correct.
$
17,436
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