The following transactions were selected from among those completed by Hailey Retailers in November and...

50.1K

Verified Solution

Question

Accounting

The following transactions were selected from among those completed by Hailey Retailers in November and December:
Nov. 20 Sold two items of merchandise to Customer A, who charged the $450 sales amount on her Visa credit card. Visa charges Hailey a 2 percent credit card fee.
25 Sold 14 items of merchandise to Customer B for $2,800; terms n30.
28 Sold 12 identical items of merchandise to Customer C for $7,200; terms n30.
30 Customer C returned one of the items purchased on November 28; the item was re-saleable, and credit was given to the customer.
Dec. 6 Customer C paid the account balance in full.
30 Customer B paid in full the amount due for the purchase on November 25.
Required:
Compute net sales for the two months ended December 31.
\table[[Net sales,$,9,718]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students