uly 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $10,700; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $5,300; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
uly 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $10,700; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $5,300; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| July | 12 | Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee. |
| 15 | Sold merchandise to Customer S at an invoice price of $10,700; terms 3/10, n/30. | |
| 20 | Sold merchandise to Customer T at an invoice price of $5,300; terms 3/10, n/30. | |
| 23 | Collected payment from Customer S from July 15 sale. | |
| Aug. | 25 | Collected payment from Customer T from July 20 sale. |
Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
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