EX 9-21 Entries for notes receivable
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 |
NOTES RECEIVABLE |
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|
(7) |
40,602 |
(5) |
40,000 |
(6) |
40,000 |
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|
ACCOUNTS RECEIVABLE |
SALES RETURNS AND ALLOWANCES |
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|
(1) |
50,000 |
(3) |
10,000 |
(3) |
10,000 |
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|
(6) |
40,400 |
(5) |
40,000 |
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|
(7) |
40,400 |
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|
MERCHANDISE INVENTORY |
COST OF MERCHANDISE SOLD |
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|
(4) |
6,000 |
(2) |
30,000 |
(2) |
30,000 |
(4) |
6,000 |
|
|
SALES |
INTEREST REVENUE |
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|
(1) |
50,000 |
(6) |
400 |
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|
(7) |
202 |
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