The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction.
Cash |
|||
(5) |
9,310 |
|
|
Accounts Receivable |
|||
(1) |
11,750 |
(3) |
2,250 |
|
|
(5) |
9,500 |
Merchandise Inventory |
|||
(4) |
1,350 |
(2) |
6,900 |
Sales |
|||
(1) |
11,750 |
||
Sales Discounts |
|||
(5) |
190 |
|
|
Sales Returns and Allowances |
|||
(3) |
2,250 |
|
|
Cost of Merchandise Sold |
|||
(2) |
6,900 |
(4) |
1,350 |