Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.

July12Sold merchandise to customer at factory store who charged the $700 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $575.July15Sold merchandise to Customer T at an invoice price of $4,200; terms 2/10, n/30. Cost of goodssold was $2,100.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with an invoice price of $1,500; cost of goods sold was $900.