Question
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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