e. During the months of January and February. Hancok Corporation sold goods to t

Question

e. During the months of January and February. Hancok Corporation sold goods to three customers. The sequence of events was as follows: Jan. B Sold goods for $1,500 to S. Green and billed that amount subject to terms 2110, n/30. ASold goods to M. Munoz for $850 and billed that amount subject to terms 2/10, n/30. 14 Collected cash due from S. Green. Feb. 2Collected cash due from M. Munoz. 28 Sold goods for $500 to R. Reynolds and billed that amount subject to terms 2/10, n/45. Required Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.

Explanation / Answer

Calculate net sales :

Sales (1500+850++500) 2850 Less: Sales discount (1500*2%) (30) Net Sals 2820

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.