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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