E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories LO6-1 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 $600 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $475. Sold merchandise to Customer T at an invoice price of $4,600; terms 1/10, n/30. Cost of goods sold was $2,300. July 15 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 July 12 July 15 July 20 July 21 Answer is complete but not entirely correct. Cost of Goods Sold Net Sales 588✔ 4,554 X 0x (1.100) 475✔ 2,300 0✔ (660)✓ Gross Profit 113 2,254 X 0x (440)

E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories LO6-1 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 $600 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $475. Sold merchandise to Customer T at an invoice price of $4,600; terms 1/10, n/30. Cost of goods sold was $2,300. July 15 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 July 12 July 15 July 20 July 21 Answer is complete but not entirely correct. Cost of Goods Sold Net Sales 588✔ 4,554 X 0x (1.100) 475✔ 2,300 0✔ (660)✓ Gross Profit 113 2,254 X 0x (440)

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Description: A-8 E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and SalesReturns and Allowances on Income Statement Categories LO6-1Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Ca

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

A-8

E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales
Returns and Allowances on Income Statement Categories LO6-1
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 $600 purchase on her American
Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $475.
July 15 Sold merchandise to Customer T at an invoice price of $4,600; terms 1/10, n/30. Cost of
goods sold was $2,300.
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
July 12
July 15
July 20
July 21
Answer is complete but not entirely correct.
Cost of
Goods
Sold
Net
Sales
588
4,554 X
0
(1.100)
475
2,300
0
(660)
Gross
Profit
113
2,254 x
0
(440)

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