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24 March, 20:55

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 $600 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of good sold was $475.

July 15 Sold merchandise to Customer T at an invoice price of $4,900; terms 2/10, n/30. Cost of goods sold was $2,450

July 20 Collected cash due from Customer T.

July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,400, and cost of goods sold was $840.

Prepare the transactionof net sales and cost of good sold.

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  1. 24 March, 21:17
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    Brazen Shoe Company

    Net Sales

    JUly 12 Sales $600

    July 15 Sales 4,900

    July 21 Sales return (1,400)

    4,100

    Cost of Goods sold

    July 12 Inventory $475

    July 15 Inventory 2,450

    July 21 Invemtory (840)

    2,085
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