Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July
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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 $300 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $175.
July 15 Sold merchandise to Customer T at an invoice price of $5,400; terms 1/10, n/30. Cost of goods sold was $2,700.
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.
.
| Transaction | Net Sales | Cost of Goods Sold | Gross Profit |
| July 12 | |||
| July 15 | |||
| July 20 | |||
| July 21 |
Expert Answer:
14th E Step 1 View Formulation D5 fe B5C5 A B D 1 Transaction 2 44389 3 44392 4 ... View the full answer
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