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Question

The following transactions were selected from the records of OceanView Company:

 

July 12 Sold

merchandise to Customer R, who charged the $4,800 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee.

        15 Sold merchandise to Customer S at an invoice price of $10,500; terms 4/10, n/30.

        20 Sold merchandise to Customer T at an invoice price of $5,500; terms 4/10, 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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