# 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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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...

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