Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales
The following transact ions were selected from among those completed by Cadence Retailers in 2011:
| Nov. | 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 [total) terms 3/10, n/30. 25 Sold two items of merchandise to Customer C, who charge d the $400sales price on her Visa credit card. Visa charges Cadence Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total): terms 3/10, n/30. 29 Customer D returned one of the items purchase d on the 28th; the item was defective, and credit was given to the customer. |
| Dec. | 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20, 2011. |
Required:
Assume that Sales Return s and Allowances. Sales Discount s, and Credit Card
Discounts are treated as contra-revenues: compute net sales for the two month s
ended December 3 1, 2011.
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