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 Retums and Allowances, Sales Discounts, and Credit Card Discounts as contra$-$revenues.

July $12$ Sold merchandise to customer at factory store who charged the $$500$ purchase on her American Express card. American Express charges a $1$ percent credit card fee. cost of goods sold was $$375.$

July $15$ sold merchandise to Customer $T$ at an invoice price of $$4,700$; terms $\frac{2}{10},\frac{n}{30}.$ Cost of goods sold was $$2,350.$

July $20$ collected cash due from customer $T.$

July $21$ Before paying for the order, a customer returned shoes with an invoice price of $$1,200$; cost of goods sold was $$720.$

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.

$\backslash$table$[[$Transaction$,$Net Sales,$\backslash$table$[[$Cost of$],[$Goods Sold.$]],\backslash$table$[[$Gross$],[$Profit$]]],[$July $12,,,],[$July $15,,,],[$July $20,,,],[$July $21,,,]]$