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: Calculate net sales for two months ended December 31, 2011.