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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
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 $700 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $4,000; terms 2/10,n/30. Cost of goods sold was $2,000. 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. Note: Indicate decreases with a minus sign
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