E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories LO6-1 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 $500 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of goods sold was $375. July 15 Sold merchandise to Customer I at an invoice price of $5,900; terms 1/10, n/30. Cost of goods sold was $2,950. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,500; cost of goods sold was $900. Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. (Indicate decreases with a minus sign.) Transaction Net Sales Cost of Goods Sold Gross Profit July 12 July 15 July 20 July 21