6- Homework Saved Help Save & Exit Check E6-4 (Algo) Determining...
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6- Homework Saved Help Save & Exit Check E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories L06-1 25 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 $700 purchase on her Anerican Express card, American Express July 15 Sold merchandise to customer Tat an invoice price of $4,800; terms 1/10, n/30. Cost of goods sold was $2,400. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,500; cost of goods sold was $900. Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. (Indicate decreases with a minus sign.) Transaction Net Sal+ Cost of Goods Sold 575 686 4.800 Gross Profit 111 2,400 2.400 July 12 July 15 July 20 July 21 -96 (96) (1,500) (900) (250) ren 1 of 7 8 Next D
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