Reference no: EM133094943
Question - Compute net sales - The following transactions were selected from among those completed by Cadence Retailers in 2021:
June 20th, Sold 10 identical items of merchandise to Customer B at an invoice price of $9,000 (total); terms 3/10, n/30.
June 21th, Customer B returned one of the items purchased on the 20th; the item was defective, and credit was given to the customer.
June 25th, Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2 percent credit card fee.
June 28th, Sold 20 items of merchandise to Customer D at an invoice price of $5,500 (total); terms 3/10, n/30.
July 6th, Customer B paid the account balance in full.
July 20th, Customer D paid in full for the invoice of July 28, 2021.
Required - Compute sales revenue, credit card discounts, sales discounts, sales return and allowances, and net sales respectively for the two months ended July 31.
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