Question

The Riverdale Company reported the following transactions duringthe months of May and June 2013. Based on the information belowcalculate the net sales for the two months ending in June 2013.Remember to show sales at the gross amount and each deduction togross sales separately (sales returns and allowances, salesdiscounts and credit card discounts).

May 25^th     Sold 15 items of merchandise to Pandora,Inc. at an invoice price of $10,500 (total), terms of 2/10, net30

May 21        Sold 5 items ofmerchandise to John Jones who charged the $500 sales price on hisAmerican Express card. American Express charges Riverdale a 3%credit card fee

May 30^th     Sold 20 identical items to Prevue, Inc. atan invoice price of $7,500 (total), terms 2/10, net 30

June 1^st         Prevue returned 2 of the itemspurchased on May 30^th as they were deemed defective anda credit was granted to the customer

June 4^th       Pandora paid the entireaccount balance in full for the purchase they made on May25^th

June 15^th     Prevue, Inc. paid the amount due for themerchandise they purchased on June 1st