(Answered) Question - the following transactions were selected from

Accounting

Question - The following transactions were selected from the records of OceanView Company:

July 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee.

July 15 Sold merchandise to Customer S at an invoice price of $10,800; terms 3/10, n/30.

July 20 Sold merchandise to Customer T at an invoice price of $4,900; terms 3/10, n/30.

July 23 Collected payment from Customer S from July 15 sale.

Aug. 25 Collected payment from Customer T from July 20 sale.

Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.

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