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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 $500 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $375.
July 15 Sold merchandise to Customer T at an invoice price of $4,600; terms 2/10, n/30. Cost of goods sold was $2,300.
July 20 Collected cash due from Customer T.
July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,300; cost of goods sold was $780.

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.

image text in transcribed

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 2 percent credit card fee. Cost of goods sold was $375. July 15 Sold merchandise to Customer T at an invoice price of $4,600; terms 2/10,n/30. Cost of goods sold was $2,300. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,300; cost of goods sold was $780. 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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