Determining the Effects of Credit Sales, Sales Discounts, Credit CardSales, and SalesReturns and Allowances on Income Statement Categories
Brazen Shoe Company records Sales Return s and Allowances, Sales Discounts.And Credit Card Discounts as contra- revenues. Complete the following tabulation,indicating the effect (+ for increase. – for) decrease, and NE for no effect) and amount of the effects of each transaction , including related cost of goods sold.
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
July 21 before paying for the order, a customer returned shoes with an invoice price of $1,000,and cost of goods sold was $600.
Transaction | Net Sales | Goods Sold | Gross Profit |
July12 |
|
|
|
July15 |
|
|
|
July20 |
|
|
|
July21 |
|
|
|
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