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Brazen Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store
Brazen Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $600 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $475. goods sold was $2,800. of goods sold was $720. July 15 Sold merchandise to Customer T at an invoice price of $5,600; terms 1 /10, n/30. Cost of July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,200, and cost Complete the following tabulation, select the effect+for increase and - for decrease) and amount of the effects of each transaction, including related cost of goods sold. Cost of Gross Transaction Net Sales Goods Sold Profit July 12 July 15 July 20 July 21
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