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