Question

The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $390 sales price in cash. The goods cost Bear’s $410. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $3,900 (total); terms 3/10, n/30. The goods cost Bear’s $2,450. 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $5,900 (total); terms 3/10, n/30. The goods cost Bear’s $3,950. 29 Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer. Dec. 6 Nancy’s Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25.

Required: Compute the total revenue to be reported over the two months.

Answer 1

			Gross	Sales	Sales	Sales	Net	Cost f	Gross
			Sales	Return	Discount	Allowance	Sales revenue	Goods sold	Profit
20-Nov	sales		390				390	410	-20
25-Nov	Credit sales		3900				3900	2450	1450
28-Nov	Credit sales		5900				5900	3950	1950
29-Nov	Retrun			590			-590	-395	-195
6-Dec	Sales discount				159.3		-159.3	0	-159.3
Total			10190	590	159.3	0	9440.7	6415	3025.7
Total revenue reported:   9440.7