Assignment:
Brazen 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 1 percent credit card fee. Cost of goods sold was $275.
July 15 Sold merchandise to Customer T at an invoice price of $4,000; terms 1/10, n/30. Cost of goods sold was $2,000.
July 20 Collected cash due from Customer T.
July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,000, and 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.)
|
|
| Transaction |
Net Sales |
Cost of Goods Sold |
Gross Profit |
| July 12 |
|
|
|
| July 15 |
|
|
|
| July 20 |
|
|
|
| July 21 |
|
|
|
|
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.