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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 $300 purchase on her

American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $175.

July 15 Sold merchandise to Customer I at an invoice price of $4,300; terms 1/10, n/30. Cost of

goods sold was $2,150.

July 20 Collected cash due from Customer T

July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,100;

cost of goods sold was $660.

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.

Transaction

Net Sales

Cost of

Goods Sold

Gross Profit

J

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