(Supplement) RecordingCredit Sales,Sales Discounts, Sales Returns, andCredit Card Sales
The following transact ions were selected from among those completed by Hailey Retailers in 2010:
Nov. 20 Sold two items of merchandise to Customer B, who charge d the $450 sales price on her Visa credit card. Vis a charges Hailey a 2 percent credit card fee.
25 Sold 14 items of merchandise to Customer Cat an invoice price of $2,800 [total]: terms 2/10, n/30.
28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,200 (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. 6 Customer 0 paid the account balance in full.
30 Customer C paid in full for the invoice of November 25, 2010.
Required:
Give the appropriate journal entry for each of these transact ions, assuming the company record s sales revenue under the gross method. Do not record cost of goods sold. Compute Net Sales. To practice with more exercises, go to the text website at www.mhhe.com/li bby7e
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