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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.

Respuesta :

Answer:

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

Explanation:

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