The debits and credits for three related transactions are presented in the following T accounts….

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

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