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.American Express card. American Express charges a $3$ percent credit card fee. Cost of

goods sold was $$575.$

July $15$ Sold merchandise to Customer T at an invoice price of $$5,700$; terms $1/10,$ n$/30.$ Cost ofJuly $20$ Collected cash due from Customer T$.$

July $21$ Before paying for the order, a customer returned shoes with an invoice price of $$1,200$;

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.