E$6-4($Algo$)$ Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales

Returns and Allowances on Income Statement Categories LO$6-1$

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 $$600$ purchase on her

American Express card. American Express charges a $2$ percent credit card fee. Cost of

goods sold was $$475.$

July $15$ Sold merchandise to Customer $T$ at an invoice price of $$4,200$; terms $\frac{3}{10},\frac{n}{30}.$ Cost

of goods sold was $$2,100.$

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.