Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.
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 1 percent credit card fee. Cost of goods sold was $175. | ||
| July | 15 | Sold merchandise to Customer T at an invoice price of $5,000; terms 3/10, n/30. Cost of goods sold was $2,500. | ||
| July | 20 | Collected cash due from Customer T. | ||
| July | 21 | Before paying for the order, a customer returned shoes with an invoice price of $900; cost of goods sold was $600. |
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.)
Homework Answers
| Transaction | Net Sales | Cost of goods sold | Gross Profit | |
| July 12 | 297 | 175 | 122 | |
| July 15 | 5000 | 2500 | 2500 | |
| July 20 | -150 | 0 | -150 | =5000*3% |
| July 21 | -900 | -600 | -300 |
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Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.
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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 $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 $5,300; terms 1/10, n/30. Cost of goods sold was $2,650. July 20 Collected cash due from Customer T....
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-rev...
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 American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $5,500; terna 2/10, n/30. Cost of goods sold was $2,750. July 20 collected cash due from Customer T....
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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 $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 $5,300; terms 1/10, n/30. Cost of goods sold was $2,650. July 20 Collected cash due from Customer T....
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 American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $5,500; terna 2/10, n/30. Cost of goods sold was $2,750. July 20 collected cash due from Customer T....
Check my work 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 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 $400 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of goods sold was $275. July 15 Sold merchandise...
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