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 $400 (total) sales price in cash. The goods cost Bear’s $300.
		25		Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear’s $2,500.
		28		Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,000 (total); terms 3/10, n/30. The goods cost Bear’s $4,000.
		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 net sales revenue to be reported over the two months.

Answer 1

Ans- Net Sales Schedule
For the two months ended December 31
Details	Amount ($)
Cash Sales	$          400
Add: Credit Sales Revenue ($4000+$6,000)	$     10,000
Less: Sales Returns and Allowances ($6,000/10)	-$          600
Sales Discount	-$          162
Net Sales	$       9,638
Credit Sales Revenue:-
Sales on Nov.25=$4,000
Sales on Nov.28= $6,000
Total Sales Revenue =$10,000
Actual Sales= Sales- Sales Return
$6,000-$600
$5,400
Sales Discount= $5,400*3/100
$162