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July 12 Sold merchandise to customer at factory store who charged the $800 purchase on her American Express card. American Express charges a 1
July 12 Sold merchandise to customer at factory store who charged the $800 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $675. July 15 Sold merchandise to Customer T at an invoice price of $5,900; terms 3/10, n/30. Cost of goods sold was $2,950. 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 July 12 792 675 117 July 15 5,900 2,950 2,950 July 20 July 21 (1,100) (660) (440)
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