EX 6-13 Sales-related transactions
The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction.
|
Cash |
Sales |
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|
(5) |
32,340 |
(1) |
35,000 |
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|
Accounts Receivable |
Sales Discounts |
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|
(1) |
35,000 |
(3) |
2,000 |
(5) |
660 |
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|
(5) |
33,000 |
Sales Returns and Allowances |
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|
Merchandise Inventory |
(3) |
2,000 |
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|
(4) |
1,200 |
(2) |
21,000 |
Cost of Merchandise Sold |
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|
(2) |
21,000 |
(4) |
1,200 |
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