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 3 percent credit card fee. Cost of goods sold was $375. July 15 Sold merchandise to Customer T at an invoice price of $4,900; terms 1/10, n/30. Cost of goods sold was $2,450. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,400; cost of goods sold was $840. 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 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 3 percent credit card fee. Cost of goods sold was $375. July 15 Sold merchandise to Customer T at an invoice price of $4,900; terms 1/10, n/30. Cost of goods sold was $2,450. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,400; cost of goods sold was $840. 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 July 15 July 20 July 21

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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