EAlgo Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales
Returns and Allowances on Income Statement Categories LO
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contrarevenues.American Express card. American Express charges a percent credit card fee. Cost of
goods sold was $
July Sold merchandise to Customer T at an invoice price of $; terms n Cost ofJuly Collected cash due from Customer T
July Before paying for the order, a customer returned shoes with an invoice price of $;
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.
Answer is complete but not entirely correct.
