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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 28th; 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.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919124

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