EAlgo Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO
The following transactions were selected from among those completed by Bennett Retailers in November and December:
November Sold items of merchandise to Customer B at an invoice price of $total; terms n
November Sold two items of merchandise to Customer C who charged the $total sales price on her Visa credit card. Visa charges Bennett Retailers a percent credit card fee.
November Sold identical items of merchandise to Customer D at an invoice price of $total; terms n
November Customer D returned one of the items purchased on the th; the item was defective and credit was given to the customer.
December Customer D paid the account balance in full.
December Customer B paid in full for the invoice of November
Required:
Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contrarevenues; compute net sales for the two months ended December
