Suppose that sales returns and allowances sales discounts, Ask an Expert

Accounting

Q1) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales

Nov. 20	Sold two items of merchandise to Customer B who charged the $350 sales price on her Visa credit card. Visa charges Clem Wholesalers at a 2% credit card fee.
Nov. 25	Sold 20 items of merchandise to Customer C at an invoice price of $4500 total; terms 3/10, n/30.
Nov. 28	Sold 10 identical items of merchandise to Customer D at an invoice price of $9000, total; terms 3/10, n/30
Nov. 29	Customer D returned one of the items purchased on the 28^th; the item was defective, and credit was given to the customer.
Dec. 6	Customer D paid the account balance in full
Dec. 30	Customer C paid in full for the invoice of November 25, 2011

Suppose that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra revenues: find out net sales for two months ended December 31, 2011.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M919124

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - background info company a parent purchased 100

Question - Background info: Company A (parent) purchased 100% of the shares in Company B (subsidiary). Company B sold inventory on the 1/3/17 to Company A for $98,000. This inventory had cost Company B $69,000. by 30/6/1 ...

Question - henry company physical inventory on december 31

Question - Henry Company, physical inventory on December 31, 2017, merchandise with a cost of $439,670 was on hand at that date. Following items were all excluded from the $439,670. 1. Merchandise of $65,330 which is hel ...

Question - kon corp has outstanding accounts receivable

Question - Kon Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful ...

Question - mary also provided you with third quarter

Question - Mary also provided you with third quarter monthly expense data to assist in constructing your budget. The next table presents that information: Monthly Expense Item Amount Administration $2,500 General 6% of s ...

Question - chopin corporation had these transactions

Question - Chopin Corporation had these transactions pertaining to debt investments: Jan.1 Purchased 90 10%, $1,000 Martine Co. bonds for $90,000 cash. Interest is payable semiannually on July 1 and January 1. July1 Rece ...

Question - on january 1 year 1 homeland entity he signed a

Question - On January 1, year 1, Homeland Entity (HE) signed a 20-year lease contract for an office building. The lease contract calls for HE to make payments of $10,000 at the beginning of each year, with the first paym ...

Question - mary is employed by a large public company in

Question - Mary is employed by a large public company. In 2017, she was granted options to acquire 1,000 shares of her employer's common stock at a price of $23 per share. At the time the options were granted, the shares ...

Have you ever been involved in the budget process at your

Have you ever been involved in the budget process at your organization? If so, describe your role and responsibilities. Do you think people at your level in the organization should provide budget inputs, and why or why n ...

Question - f l wright architects incorporated as licensed

Question - F. L. Wright Architects incorporated as licensed architects on September 1, 2018. During the first month of the operation of the business, these events and transactions occurred: Sept. 1 Stockholders invested ...

Question - consider the following account starting balances

Question - Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert