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 T at an invoice price of $5,700; terms 1/10, n/30. Cost of goods sold was $2,850.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. (Indicate decreases with a minus sign.)

Every sale, sales return, credit discounts or sales discount transactions impact the Net sales and…

Answered: Complete the following table by…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $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 T at an invoice price of $5,700; terms 1/10, n/30. Cost of goods sold was $2,850.
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. (Indicate decreases with a minus sign.)

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