E$6-4($Algo$)$ Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories LO$6-1$

Griffin 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.$

July $15$ Sold merchandise to Customer $T$ at an invoice price of $$4,600$; terms $1/10,\frac{n}{30}.$ Cost of goods sold was $$2,300.$

July $20$ Collected cash due from Customer T$.$

July $21$ Before paying for the order, a customer returned shoes with an invoice price of $$1,100$; cost of goods sold was $$660.$

Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. Note: Indicate decreases with a minus sign.

Answer is complete but not entirely correct.

$\backslash$table$[[$Transaction$,\backslash$table$[[$Net$],[$Sales$]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],\backslash$table$[[$Gross$],[$Profit$]]],[$July $12,5880,4750,1130],[$July $15,4,554,2,300,2,254x$