The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.
|
|
CASH |
|
|||||
|
(7) |
26,446 |
|
|
||||
|
ACCOUNTS RECEIVABLE |
|||||||
|
(1) |
29,500 |
(3) |
3,500 |
||||
|
(6) |
26,226 |
(5) |
26,000 |
||||
|
|
|
(7) |
26,226 |
||||
|
|
|
|
|
||||
|
MERCHANDISE INVENTORY |
|||||||
|
(4) |
2,100 |
(2) |
17,700 |
||||
|
SALES |
|||||||
|
(1) |
29,500 |
||||||
|
NOTES RECEIVABLE |
|||||||
|
(5) |
26,000 |
(6) |
26,000 |
||||
|
SALES RETURNS AND ALLOWANCES |
|||||||
|
(3) |
3,500 |
||||||
|
COST OF MERCHANDISE SOLD |
|||||||
|
(2) |
17,700 |
(4) |
2,100 |
||||
|
INTEREST REVENUE |
|||||||
|
(6) |
226 |
||||||
|
(7) |
220 |
||||||