Rockland Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. Complete
Question:
July 12 Sold merchandise to customer at factory store who charged the $400 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $250.
July 15 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30. Cost of goods sold was $2,000.
July 20 Collected cash due from Customer T.
July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,000, and cost of goods sold was$600.
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