E6-3 reporting net sales with credit sales, sales discounts, sales returns, and credit card sales lo6-1
the following transactions were selected from among those completed by cadence retailers november and december:
nov. 20 sold 20 items of merchandise to customer b at an invoice price of $5,800 (total); terms 4/10, n/30.
25 sold two items of merchandise to customer c, who charged the $700 sales price on her visa credit card. visa charges cadence retailers a 3 percent credit card fee.
28 sold 10 identical items of merchandise to customer d at an invoice price of $9,400 (total); terms 4/10, n/30.
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.
20 customer b paid in full for the invoice of november 20.required: assume that sales returns and allowances, sales discounts, and credit card discounts are treated as contra-revenues; compute net sales for the two months ended december 31. (do not round your intermediate calculations. round your answer to the nearest whole dollar amount.)
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