Homework Answers
ANSWER:
| Transaction | Net sales | cost of goods sold | gross profit |
|---|---|---|---|
| July 12 | $686 | $575 | $111 |
| July 15 | $5500 | $2750 | $2750 |
| July 20 | -$110 | -$110 | |
| July 21 | -$1500 | $900 | -$600 |
on July 12
net sales = sales revenue - credit card fees
= $700 - $14 = $686
on July 15
net sales = $5500
on July 20
net sales = sales discount = -$110
on July 21
net sales = sales returns and allowances = -$1500
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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....
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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.July12Sold 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.July15Sold merchandise to Customer T at an invoice price of $5,000;
terms 3/10, n/30. Cost of goods sold was $2,500.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with...
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Griffin Shoe Company records Sales Returns and Allowances, Sales
Discounts, and Credit Card Discounts as contra-revenues.July12Sold 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.July15Sold merchandise to Customer T at an invoice price of $5,000;
terms 3/10, n/30. Cost of goods sold was $2,500.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with...
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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the following transactions were selected from the records of
oceanview company: July
Fichier Edition Présentation Historique Signets Fenêtre Aide ezto.mheducation.com molc. Pro Networ.. OL-10FA-B. Google Docs Homework Should Ath. Fortinet Sec. The 'Stick on mework #4 Revised Instructions I help < Question 19 (of 20) Save & Ext Submit 5.00 points The following transactions were selected from the records of Ocean View Company July 12 Sold merchandise to Customer R. who charged the $4,400 purchase on his Visa credit card....
" . LO 6-4 25 6 Reporting Net Sales with Credit Sales, Sales Discounts, and Sales Returns The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash. The goods cost Bear's $300. Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500. 28 Sold 10 identical...
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