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 $800 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $675. July 15 Sold merchandise to Customer T at an invoice price of $5,000; terms 3/10, n/30. Cost of goods sold was $2,500. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,200%; cost of goods sold was $720. 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 12 784 675 109 July 15 5,000 2,500 2,500 July 20 4,850 0 X 0 July 21 (1,200) (720) ✓ (480)

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Chapter10A: The Voucher System Of Accounting
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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 $800 purchase on her
American Express card. American Express charges a 2 percent credit card fee. Cost of
goods sold was $675.
July 15 Sold merchandise to Customer T at an invoice price of $5,000; terms 3/10, n/30. Cost of
goods sold was $2,500.
July 20 Collected cash due from Customer T.
July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,200%;
cost of goods sold was $720.
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
784
675
109
July 15
5,000
2,500
2,500
July 20
4,850
0 X
0
July 21
(1,200)
(720)
✓ (480)
Transcribed Image Text: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 $800 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $675. July 15 Sold merchandise to Customer T at an invoice price of $5,000; terms 3/10, n/30. Cost of goods sold was $2,500. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,200%; cost of goods sold was $720. 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 12 784 675 109 July 15 5,000 2,500 2,500 July 20 4,850 0 X 0 July 21 (1,200) (720) ✓ (480)
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