FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $800 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of goods sold was $675. July 15 Sold merchandise to Customer T at an invoice price of $5,700; terms 2/10, n/30. Cost of goods sold was $2,850. 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. Note: Indicate decreases with a minus sign. Transaction July 12 July 15 July 20 July 21 Net Sales Cost of Goods Sold Gross Profit
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Transcribed Image Text: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 $800 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of goods sold was $675. July 15 Sold merchandise to Customer T at an invoice price of $5,700; terms 2/10, n/30. Cost of goods sold was $2,850. 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. Note: Indicate decreases with a minus sign. Transaction July 12 July 15 July 20 July 21 Net Sales Cost of Goods Sold Gross Profit
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