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
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
Chapter1: Financial Statements And Business Decisions
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