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