The Riverdale Company reported the following transactions during the months of May and June 2013....
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Accounting
The Riverdale Company reported the following transactions during the months of May and June 2013. Based on the information below calculate the net sales for the two months ending in June 2013. Remember to show sales at the gross amount and each deduction to gross sales separately (sales returns and allowances, sales discounts and credit card discounts).
May 25th Sold 15 items of merchandise to Pandora, Inc. at an invoice price of $10,500 (total), terms of 2/10, net 30
May 21 Sold 5 items of merchandise to John Jones who charged the $500 sales price on his American Express card. American Express charges Riverdale a 3% credit card fee
May 30th Sold 20 identical items to Prevue, Inc. at an invoice price of $7,500 (total), terms 2/10, net 30
June 1st Prevue returned 2 of the items purchased on May 30th as they were deemed defective and a credit was granted to the customer
June 4th Pandora paid the entire account balance in full for the purchase they made on May 25th
June 15th Prevue, Inc. paid the amount due for the merchandise they purchased on June 1st
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