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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

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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 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 I at an invoice price of $5,800; terms 1/10, n/30. Cost of goods sold was $2,900. 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.) * Answer is complete but not entirely correct. Transaction Net Sales Cost of Goods Sold 175 X Gross Profit July 12 297 X 122 X 2,500 x 2,500 X July 15 July 20 July 21 5,000 X (150) X (900) X 0 (150) X (300) X (600) X

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