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 $500 purchase on her American Express card American Express charges a 2 percent credit card fee. Cost of goods sold was $375 July 15 Sold merchandise to Customer T at an invoice price of $4,700; terms 2/10, n/30. Cost of goods sold was $2,350. 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 (Indicate decreases with a minus sign.) Cost of Gross Transaction Net Sales Goods Sold Profit July 12 July 15 July 20 July 21

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 $500 purchase on her American Express card
American Express charges a 2 percent credit card fee. Cost of goods sold was $375
July 15 Sold merchandise to Customer T at an invoice price of $4,700; terms 2/10, n/30. Cost of goods sold was $2,350.
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
(Indicate decreases with a minus sign.)
Cost of
Gross
Transaction
Net Sales
Goods Sold
Profit
July 12
July 15
July 20
July 21
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 $500 purchase on her American Express card American Express charges a 2 percent credit card fee. Cost of goods sold was $375 July 15 Sold merchandise to Customer T at an invoice price of $4,700; terms 2/10, n/30. Cost of goods sold was $2,350. 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 (Indicate decreases with a minus sign.) Cost of Gross Transaction Net Sales Goods Sold Profit July 12 July 15 July 20 July 21
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