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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 $400 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $275. July 15 Sold merchandise to customer Tat an invoice price of $4,400; terms 2/10, n/30. Cost of goods sold was $2,200. July 20 collected cash due fron Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,400; cost of goods sold was $840. 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 Goods Gross Profit Sold 117 2,200 July 12 July 15 July 20 July 21 392 4,400 2,200 (1,400) 275 2,200 2,200 (840) 0 x (560)

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