Solved E6-1 Reporting Net Sales with Credit Sales and Sales

Homework #6 Chapter 6 Homework Problems E6-1 Reporting Net Sales with Credit Sales and Sales Discounts LO2 During the months of January and February, Silver Corporation sold goods to three customers. The sequence of events was as follows: Jan.Feb.n/45. 6614228Sold goods for $1,300 to S. Green and billed that amount subject to terms 2/10, n/30. Sold goods to M. Munoz for $510 and billed that amount subject to terms 2/10, n/30. Collected cash due from S. Green. Collected cash due from M. Munoz. Sold goods for $350 to R. Reynolds and billed that amount subject to terms 2/10, Required Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28. Net sales $ 2,134 Explanation: Sales revenue ($1,300 + $510 + $350) Less: Sales discount ($1,300 collected from S. Green × 2%) Net sales