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 $500 purchase on her American Express cardAmerican Express charges a 2 percent credit card fee. Cost of goods sold was $375July 15 Sold merchandise to Customer T at an invoice price of $4,700; terms 2/10, n/30. Cost of goods sold was $2,350.July 20 Collected cash due from Customer T.July 21 Before paying for the order,a customer returned shoes with an invoice price of $1,200; cost of goods sold was$720Complete 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.)Cost ofGrossTransactionNet SalesGoods SoldProfitJuly 12July 15July 20July 21

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Asked Oct 17, 2019
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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 $500 purchase on her American Express card
American Express charges a 2 percent credit card fee. Cost of goods sold was $375
July 15 Sold merchandise to Customer T at an invoice price of $4,700; terms 2/10, n/30. Cost of goods sold was $2,350.
July 20 Collected cash due from Customer T.
July 21 Before paying for the order,
a customer returned shoes with an invoice price of $1,200; cost of goods sold was
$720
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.)
Cost of
Gross
Transaction
Net Sales
Goods Sold
Profit
July 12
July 15
July 20
July 21
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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 $500 purchase on her American Express card American Express charges a 2 percent credit card fee. Cost of goods sold was $375 July 15 Sold merchandise to Customer T at an invoice price of $4,700; terms 2/10, n/30. Cost of goods sold was $2,350. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,200; cost of goods sold was $720 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.) Cost of Gross Transaction Net Sales Goods Sold Profit July 12 July 15 July 20 July 21

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Expert Answer

Step 1

To Complete the given table following formulas are used:

Net sales - Cost of Goods Sold = Gross Profit

Net sales = Sales - discounts and allowances

Step 2

 Complete the given t...

6 Date of transaction Net sales
7 June 12
8 June 15
9 June 20
10 June 21
Cost of Goods Sold Gross Profit
490
375
115
2350
2256
4606
0
0
0
-480
-1200
-720
T]
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6 Date of transaction Net sales 7 June 12 8 June 15 9 June 20 10 June 21 Cost of Goods Sold Gross Profit 490 375 115 2350 2256 4606 0 0 0 -480 -1200 -720 T]

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