Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 1 Day Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 9.00

Credit Card Sales

Supplement Recording Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales
The following transactions were selected from among those completed by Hailey Retailers in 2010:
Nov. 20 Sold two items of merchandise to Customer B, who charged the $450 sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee.
25 Sold 14 items of merchandise to Customer C at an invoice price of $2,800 (total); terms 2/10, n/30.
28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,200 (total); terms 2/10, n/30.
30 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.
30 Customer C paid in full for the invoice of November 25, 2010.
Required:
Give the appropriate journal entry for each of these transactions, assuming the company records sales revenue under the gross method. Do not record cost of goods sold. Compute Net Sales.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 05:08 PM My Price 9.00

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