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 $700 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $4,100; terms 1/10, n/30. Cost of goods sold was $2,050. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,300; cost of goods sold was $780. 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
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 $700 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $4,100; terms 1/10, n/30. Cost of goods sold was $2,050. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,300; cost of goods sold was $780. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $700 purchase on her
American Express card. American Express charges a 1 percent credit card fee. Cost of
goods sold was $575.
July 15 Sold merchandise to Customer T at an invoice price of $4,100; terms 1/10, n/30. Cost of
goods sold was $2,050.
July 20 Collected cash due from Customer T.
July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,300;
cost of goods sold was $780.
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
Net Sales
Cost of
Goods Sold
Gross
Profit
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