The following transactions were selected from the records of Evergreen Company:

Question

The following transactions were selected from the records of Evergreen Company:

July 12
Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. The goods cost Evergreen Company $600.
15
Sold merchandise to Claudio's Chair Company at a selling price of $5,000 on terms 3/10, n/30. The goods cost Evergreen Company $3,500.
20
Sold merchandise to Otto's Ottomans at a selling price of $3,000 on terms 3/10, n/30. The goods cost Evergreen Company $1,900.
23 Collected payment from Claudio's Chair Company from the July 15 sale.
Aug. 25 Collected payment from Otto's Ottomans from the July 20 sale.

Required:
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31.

Explanation / Answer

Net sales 1000 + 5000x0.97 + 3000 = 8850

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