Reporting Net Sales with Credit Sales, Sales Discounts, and Cred

Reporting Net Sales with Credit Sales, Sales Discounts, and Cred

The following transactions were selected from the records of OceanView Company:
July 12 Sold merchandise to Customer R, who charged the $3,000 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee.

Reporting Net Sales with Credit Sales, Sales Discounts, and Cred

15 Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30.
20 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30.
23 Collected payment from Customer S from July 15 sale.
Aug. 25 Collected payment from Customer T from July 20 sale.
Required:
Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.

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