Calculation of net salesreporting net sales with credit

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Reference no: EM13356041

Calculation of net sales

Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales

Nov. 20

Sold two items of merchandise to Customer B who charged the $350 sales price on her Visa credit card.  Visa charges Clem Wholesalers at a 2% credit card fee.

Nov. 25

Sold 20 items of merchandise to Customer C at an invoice price of $4500 total; terms 3/10, n/30.

Nov. 28

Sold 10 identical items of merchandise to Customer D at an invoice price of $9000, total; terms 3/10, n/30

Nov. 29

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 D paid the account balance in full

Dec. 30

Customer C paid in full for the invoice of November 25, 2011

Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra revenues: compute net sales for the two months ended December 31, 2011.

Reference no: EM13356041


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