Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 89

Reporting Net Sales with Credit Sales and Sales Discounts
During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:

Required:
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.