Michelin Jewellers completed the following transactions. Michelin Jewellers uses the perpetual inventory system. On 2 April, Michelin sold $9 900 of inventory, including GST, to a customer on credit with terms of 3/15, n/30. Michelin's cost of the inventory sold was $5 000, net of GST. On 4 April, the customer reported damaged goods and Michelin granted a $1 100 sales allowance, including GST. On 10 April, Michelin received payment from the customer. If this were the only transaction for the period, what amount would be shown on the income statement for Net sales revenue?
A)$8 760
B)$8 000
C)$9 000
D)$7 760

Question

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The Answer of Michelin Jewellers completed the following transactions. Michelin Jewellers uses the perpetual inventory system. On 2 April, Michelin sold $9 900 of inventory, including GST, to a customer on credit with terms of 3/15, n/30. Michelin's cost of the inventory sold was $5 000, net of GST. On 4 April, the customer reported damaged goods and Michelin granted a $1 100 sales allowance, including GST. On 10 April, Michelin received payment from the customer. If this were the only transaction for the period, what amount would be shown on the income statement for Net sales revenue?
A)$8 760
B)$8 000
C)$9 000
D)$7 760

Michelin Jewellers Completed the Following Transactions