The following transactions were selected from among those completed by Cadence R

Question

The following transactions were selected from among those completed by Cadence Retailers in November and December Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 310, n/30 the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2 percent credt card fee 25 Sold two items of merchandise to Customer C, who charged 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total), terms 3/10, n/30 29 Customer D returned one of the items purohased on the 28th; the tem was defective, and credit was given to the customer Dec. 6 Customer D paid the account baiance in full 20 Customer B paid in full for the invoice of November 20 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credt Card Discounts are treated as contra-revenues; compute not round your intermediate caloulations.) net sales for the two months ended December 31. (D

Explanation / Answer

Total sales in two months (5500+400+9000) = 14900

Sale returns = 900

Net sales : 14000

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